... the next two weeks promise to be volatile for stocks for two reasons: first, there is a rather massive option expiration set for this Friday (with some caveats), and then for quarter end, we are facing what appears to be one of the biggest pension fund dumps in history.

Starting with this Friday's Op-Ex, Goldman's Rocky Fishman writes that from a purely "headline" perspective, June's expiration is massive with $1.8 trillion in SPX options expiring on the 19th...

. making it the third-largest non-December expiration on record, in addition to $230bln of SPY options and $250bln of options on SPX and SPX E-mini futures.