The exceptionally large Open Interest in options expiring this week could increase volatility on Friday and move stocks lower. It could also move them higher, but given where Futures are before the open, down seems to be the new black. As our VIX Indicator is currently under FOUR warnings (see side bar on the right), the risk is to the Downside.
The massive expiration was explained further on Fast Money last night: http://www.cnbc.com/2015/12/17/a-massive-expiration-has-traders-on-edge.html
Options Bistro 