TRIPLE WITCHING HOUR

The four times a year that the S&P futures contract expires at the same time as the S&P 100 index option contract and option contracts on individual stocks. It is the last trading hour on the third Friday of March, June, September, and December, when stock options , futures on stock indexes , and options on these futures expire concurrently. Massive trades in index futures , options , and underlying stock by hedge strategists and arbitrageurs cause abnormal activity ( noise ) and volatility .