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Traders are expecting volatility the day after the Nov. 3 presidential election, but the moves could be especially extreme in a handful of technology names, according to Goldman Sachs. This is made all the more true by the election coinciding with earnings season, meaning stocks are already primed for outsized moves.
"Options investors are pricing significant volatility around the upcoming election ... as investors attempt to disentangle stock fundamentals from the potential political uncertainty," the firm wrote in a note to clients.
Goldman found that the options market is assigning a 3.3% post-election day premium for the average S&P 500 stock, after adjusting for the implied earnings move.
But for twenty stocks, including some of the biggest names in the technology sector, the options market is implying a move more than three times above the average daily move over the past six months.