Ahead Of Thursday's $2.6 Trillion Option Expiration

It was another ugly day (S&P -224bps closing @ 5,275 w/ a of MOC $1.5b to BUY. NDX -304bps @ 18,257, R2K -89bps @ 1,876 and Dow -173bps @ 39,669) though volumes are evaporating and a far cry from last week's records as everyone has severe headline whiplash, and most are simply too tired to (over)trade (15.7bn shares traded across all US equity exchanges vs ytd daily avg of 16.4bn shares and over 30bn last week).