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84 Million Option Contracts Traded in Complete Silence
What Wall Street Isn't Telling You
Don Kaufman
September 22, 2025
Don Kaufman here.
Last Thursday, we traded over 84 million option contracts. The average is 58 million. Nothing happened in the market that day. Nobody in the industry can explain why.
Let me paint the picture: Wednesday, Thursday, and Friday of last week were some of the quietest trading sessions I've seen.
If the market's heartbeat was this flat, you'd be dead. One sign of life on Wednesday around the Fed announcement, then back to meandering like a drunk in the woods.
⏰ Catalyst Calendar
This week SPX expected move = $84 (~1.2%).
Friday: PCE inflation print. If hot → Fed forced back toward rate hikes.
Thursday: Durable Goods but less important.
Next week: Yom Kippur → very slow Thursday trading (seasonal thin tape).
📈 One Chart That Matters (SPY trend exhaustion)
Spiders—look, straight freaking up. Very few pullbacks. Market makers loaded with gamma risk. A pullback, doesn’t matter how big, is in order right now… you might get a little violence in your trade this week.