By Christian Dass, Bloomberg Markets Live reporter and strategist

Investors’ daily waves of option sales are poised to slow a sustained stock rally back to record highs.

Option-selling strategies have abounded in 2025, from exchange-traded fund overwrites to systematic zero-day to expiry trades and bank Quantitative Investment Strategies. On the other side, the dealers typically rebalance their positions each day by selling into rallies and buying dips.