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Hickey and Walters (Bespoke) submit: As if there was not enough going on this week with earnings, economic reports, and Bernanke's Congressional testimony, it's already another option expiration week. In the table below, we analyzed the daily performance of the S&P 500 during option expiration weeks since the start of 2006.

Over the last eighteen months, Tuesday has typically been the most volatile day of the week a move of greater than 1% (up or down) in eight out of eighteen months (44%). The best day of the week is Wednesday, when the market rises an average of 0.37% with positive returns 83% of the time.

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options expiration week

Source: Option Expiration Week Is Here Again: Volatile Tuesdays, Outperforming Wednesdays