1000 uses for a dead spi bear wednesday, page-46

Weird Wally Wednesday" (or WW-Thursday or WW-Friday)
... is the wednesday which is in the middle of the week prior to Options expiry.
Thus, it is normally the second wednesday of each month.

This is meant to be the day when professional traders manipulate price action in order to rollover their options positions at favorable prices. The classic WW-Wed. would involve a sharp price fall, followed by a strong rally up into the next Friday's option expiry. The professionals are then expected to by buying calls at the Wednesday close, and taking big profits a week later.

The manipulation has never been proven, but there are many months where the market does show action like that. BTW, another sort of WW-Wed. might be just the reverse, when the market rallies into Wednesday's close, and then falls sharply into the next week's expiry.

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