đđđ Friday's financial showdown saw the biggest options expiration in history worth USD 7.1 trillion which collided with a rare Bank of Japan rate hike.
While traders braced for market chaos, the S&P 500 laughed in the face of the "pinning effect" and went full steam into a gamma fueled rally.
The market completely shrugged off the BoJ's predictable move and the massive options overhang to close at 6,834.50, a robust gain of 0.88% for the day.
The rally was fundamentally supported by a comeback in the AI trade. $Micron Technology(MU)$ earlier blowout earnings and news that TikTok would sell its US operations to a venture including $Oracle(ORCL)$ Silver Lake and MGX, helped to fuel the rally.
It is Ho Ho Ho All the Way to Christmas and the New Year.đ
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