After Witching: Event Variance Takes the Microphone

Post–triple witching, dealer index gamma often resets lower. That does not invent a VIX spike — it just means earnings variance (Tue CCL/KMX, Wed MU, Thu ACN/NKE) can dominate day-to-day realized moves.

Vol traders should refresh hedges after expiry rather than assuming last week's gamma map still applies.

Not financial advice. Verify claims independently.