10/14 Recap
The SPY has continued forth tacking on another near 1%. This is what I mentioned friday about breaking out of a range that big isn’t exactly bearish regardless of whatever macro data we’re seeing. Price action is the truth and there was nothing to suggest bearishness. We are a tad extended now from the 21 ema just over 570 but I would look at that level as where you want to sell puts to get in if you’re not as it starts to catch up this week. This market is getting frothy again with all the junk names flying again UPST,AFRM, etc. This is always a sign of caution but stick to the basics and as long as hold the 21 ema it is bullish. These are new all time highs near daily, what else is there to say.
Recent Trades
AFRM - In the 10/9 Recap here I mentioned this risk reversal selling $35 puts to buy 50/70 call spreads for December. Affirm has been nonstop in the 3 days since going from 42.xx to nearly $49. These risk reversals are up huge since where it now costs 3.40 up from .60 to put on the same trade just 3 sessions later
Today’s Unusual Options Activity
Here is today’s link to the database as always it expires tomorrow at the opening bell and the rest of today’s trades will be added by this afternoon so check back for all the updated trades and trends.
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