In today’s briefing:
- S&P500/400/600 Index Rebalance: Apollo Global, Workday Added to SPX; AppLovin Misses Out
- S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted
- EQD | Nikkei Index Options Weekly – Dec 02 – 06
- Crypto Moves #55 – The Charts That Determine Whether We End 2024 Above $100,000
- Lucror Analytics – Morning Views Asia
S&P500/400/600 Index Rebalance: Apollo Global, Workday Added to SPX; AppLovin Misses Out
- There are 2 changes for the S&P 500 INDEX, 2 changes for the S&P Midcap400 Index and 6 changes for the S&P SmallCap600 Index at the December rebalance.
- Apollo Global and Workday will have large flows from S&P 500 INDEX trackers while AppLovin misses out. The SPX adds will have large inflows from the Select Sector index trackers too.
- The outright adds are up a lot in the after-hours and there could be further upside over the next couple of weeks as positioning ramps up.
S&P500 Dec24 Rebalance: APO and WDAY IN; QRVO and AMTM Demoted
- On Friday post-close, S&PDJI announced the changes to the S&P500, S&P MidCap400, and S&P SmallCap600 Indices. The S&P500 names will get added to/deleted from the S&P500 Equal-Weight Index too.
- Apollo Global Management (APO US) and Workday Inc Class A (WDAY US) are IN to the S&P500. Qorvo Inc (QRVO US) and Amentum Holdings (AMTM US) are demoted to SmallCap600.
- There is a theoretical quantity to trade, and an expected quantity to trade
EQD | Nikkei Index Options Weekly – Dec 02 – 06
- Price action has been mired in a sideways range since hitting these levels in Feb 2024. Implied’s have come full circle and are at the same levels they were in Feb.
- Option volumes over the past week look to be playing for a break above the sideways range of the last two months or a break below it.
- Skew is very steep with heavy Put volumes and open interest at levels under the current range.
Crypto Moves #55 – The Charts That Determine Whether We End 2024 Above $100,000
- Just two days ago, Bitcoin surged past the $100,000 milestone for the first time, reaching a peak of $104,000.
- This achievement is highly significant, not only because it represents a critical psychological threshold but also due to the immense media attention such milestones attract.
- Historically, this kind of coverage has often spurred increased interest from retail investors, who may be prompted to purchase Bitcoin as a result.
Lucror Analytics – Morning Views Asia
- In the US, the November nonfarm payrolls came in marginally above expectations at 227 k (220 k e), and were up significantly from the upwardly revised 36 k figure for October (which was impacted by two hurricanes and a strike at Boeing).
- Still, the three-month average payroll growth slowed from earlier in the year to 173 k.
- Meanwhile, the unemployment rate inched up to 4.2% (4.1% e / 4.1% p). Average hourly earnings growth remained steady at 0.4% m-o-m (0.3% e / 0.4% p) and 4.0% y-o-y (3.9% e / 4.0% p).
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