For those of you that like to collect premium, like I do, there are weekly options on the SPX and the OEX. They are issued every Friday, except the week before monthly options expiration. This week, since Friday is a market holiday, they will be issued Thursday.
The SPX weekly is settled Friday morning, this week it will be Thursday morning. So the last day to trade it is usually Thursday, this week it is today. The OEX weekly is settled Friday afternoon.
Dan Pasarelli talks about the advantage of buying the weeklies for option buyers, I don’t see it, but since time decay is fastest in the last week, it does make sense to sell the weeklies.
Disclosure: I am short the SPX 950 C and SPX 875 P expiring tomorrow.
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