10/28 Recap
The SPY continues to build out this bearish divergence you can see below. We’ve now almost faded this whole move up today in the Nasdaq and now are nearing another break of the 8 ema. We had that euphoric gap up because Israel and Iran decided not to escalate things this weekend which sent oil plunging down 6% and stocks were thrilled. Now we await tomorrow and the MSFT/GOOG reports. This market is feeling really heavy and we have to make a new high over 586.12 soon or this is just a lower high and a break of that 21 ema light blue line would be time to hit the exits. We’re in a very narrow window here and we’re either breaking out or breaking down, fitting it comes with everything reporting this week.
Also, Sped added a small new feature some of you requested to the database which is a timestamp of when I logged a trade, if you notice now when you click on a trade you will see the time it was logged to the left. Now I caution you, when I send out the recap in the afternoon, I don’t sit at my computer logging trades all afternoon so you’ll see the afternoon trades having mostly the same time because I come back and log them all at once. So for those who wanted this, hope it helps you see how the names reacted from the time I logged it in the live part.
Recent Trades
WULF - last week in the 10/24 recap here I noted that massive $6 put sale at the money for this week. This name has been on fire up to 7.12 now from 6 for a near 20% move in 2 sessions since. The 5.5 puts for this week have completely collapsed and this been a phenomenal trade. You always have to take note of short expiry put sales especially ones at the money.
Today’s Unusual Options Activity
Here is today’s link to the database, as always it will be open until the market opens tomorrow. The rest of today’s action will be added by the afternoon.
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