Zero Days, the Ultimate Stock Market Voting Machine

Ben Graham said the stock market is a “voting machine” in the short term and “weighing machine” in the long term. The zero day to expiration (0DTE) option is the ultimate market voting machine. The surge 0DTE trading is a sign that the market is becoming far more short term focused. We discuss what the product is about and the implications for the current and future U.S. stock market dynamics.