10/10 Recap

The SPY can’t seem to meaningfully breakout of this range, but it is ok, we continue to build over the breakout and the moving averages continue to slope higher. CPI was a little hot today but overall things are still looking good. This morning you had some really great 3rd party data for AWS from Yipit and NVDA is just seeing obscene call buying after their event in DC finished up. I would say right now, those 2 are your leaders within the megacaps as there is always seemingly a rotation within those. Oil is up almost $3 and the VIX is still over 21, if we get any cooling in the VIX, equities can take another leg higher but we need some sort of resolution in the middle east for that to occur. Tonight we have the big Robotaxi event from Tesla, personally I don’t see much coming from this that is material to revenue any time soon, but we shall see. If you’re long Tesla you probably want to be selling calls into this event as the IV is elevated and the likelihood of flat or down tomorrow is higher, look at AMD today, the stock ran all week into their big event and sold off on it.

Recent Trades

COHR - back in the 9/9 Recap here I noted this 80/100 call spread on Coherent when it was just over $70. It hit 98.50 this morning 1 month later for a monster near 40% move in a month, these call spreads that were 3.20 are over $13 now and as the IV drains will be nearing their max value of $20 in the next month. Impressive trade.

Today’s Unusual Options Activity

Here is today’s link to the database as always it will be open until tomorrow morning at the open and the rest of today’s updated trends and trades will be there by the afternoon.