Going into the Thanksgiving long weekend, IV contracted heavily. Implied moves shrunk. The VIX fell to just 20.50 — a key level in 2022.

That could be part of why we’re already seeing a bounce into Monday’s open. Source: Google
However, despite options market volatility contracting, there is one sleeper event that could bring about some market movement.
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November 30th, Wednesday: Eurozone CPI.

CPI, but not for America.
On November 30th, the Eurozone will release November inflation data. Europe continues to wade through uncharted waters as the war in Ukraine rages on. Fossil fuel continues to be top of mind for European citizens and economists alike, as demand continues to outpace supply.
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Despite the inflationary pressure that Europe is experiencing, the European Central Bank has been wary of raising rates at the same breakneck pace as the US, due to Europe’s slower growth curve.
The November CPI read will be key for European Central Bankers who are hoping to continue at the same gradual pace of rate hikes. But it will also be key for the American markets, who will be watching closely for clues about their upcoming CPI report, due December 13th.
Additionally, Fed Chair Jerome Powell will be giving a speech on the same day (November 30th) which will likely draw in watchful American stock market participants hoping for clues about the Fed’s December rate hike decision.
This confluence of factors means options traders could take advantage of contracted, low-price options in order to bet on a possible unexpected stock market reaction to the Eurozone inflation data.
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