Morgan Stanley’s sales and trading desk warns trend-following traders are closer to unwinding their outsize market positions, while options dealers look poised to divest in a bid to hedge their equity exposures.
Stocks fell for a third session Thursday, with the S&P 500 falling 1.6% to the lowest level since June. Along the way, the index undercut its 100-day moving average for the first time since March. The benchmark also dipped back below its 10-day and 50-day averages after flirting with them since August. These trend lines are widely watched by traders to gauge the market momentum.
Another player whose positioning is shifting: Dealers on the other side of options transactions who are obliged to buy and sell stocks to maintain a market-neutral stance. Their exposure, known by esoteric concepts like gamma, was citing for contributing to this month’s market calm.
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