Vanna and the Big Put: unusual suspects in a market mystery

US equity reversal on January 24 has spawned many theories, but no solid answers

Risk 0222 Lead story credit: Stephen Lee, NB illustration
Stephen Lee,

The stock market sell-off on January 24 materialised and then vanished like a crime without trace.

That morning, the S&P 500 took a bloodying at the hands of investors, plunging nearly 4%. By the afternoon, the sellers had vanished. The index ended the day up a third of a per cent. The Nasdaq saw an even more extreme version of this turnabout, falling close to 5% by midday, then recovering so fast that it finished 63 basis points higher than where it started. 

Investors reviewing their

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

Most read articles loading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here