Early Update -Shorts Getting Pinched, Mega-Caps Losing Momentum; An Unusual VIX Signal Developing

11:58 a.m. ET Friday was a HUGE options expiration and dealers were caught short calls. The S&P jumped  to a new record high, those calls got monetized and dealers had to buy to make good on them, chasing price higher Friday as more and more calls went into the money. I always say, “A day…