The SPY is sandwiched between the 8 and 21 right now in no man’s land as the overall market looks ok with the weakness mostly contained to tech, specifically semis. We’ve seen a nasty unwind the last 2 weeks in semis as Anthropic disappointed a bit with their recent number release. The vix was over 17 yesterday and cooled off a tad going back under 16 and oil is red today. Everything is really looking ok as long as you aren’t super heavy in the ai trade.
The SMH, below, looks like it may be headed for its first date with the 200 day in 18 months soon if it doesn’t turn around. If earnings season starting next week doesn’t go well this is certainly headed there but right now you’re looking at a 15% move down in 9 sessions on our most important sector as far as the market is concerned. It has completely reversed the move up that began in mid September. Nvda has gone from red to green in today’s session so that is a help but now you have the 8 and 21 sloping down that are going to be resistance overhead.
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Here are today’s large cap momentum scans from the database, the rest of the scans can be found on the link below.
My Open Book
Trades I Made Today
MGA - I added 10,000 shares of 67.36 and I sold 100 of the $75 calls in November for .79. I logged a trade here for the first time in almost a year today. I will highlight below but the chart looks nice and the call was way out of the money. I’m going to take a shot that’s about it, this is an $18b car part manufacturer with a dividend, it isn’t junk, just an odd trade to log in my opinion so I followed it.
KMI - I sold 1000 of the December $30 puts for .27 following a player that sold thousands for .28 today
USAR - I sold 1000 puts at $8 yesterday afternoon for .31. This is a name the US government has a stake in at much higher levels.
