12/2 Recap

The SPY continues the slow grind higher. Today we got participation from megacap tech with all of those names moving up nicely. Those 7 names are almost 1/3rd of the market and 3 that were lagging badly recently: META,MSFT, and GOOG were all up around 2% each. So the breadth is picking up in the large caps. Oil continues to be the weakest link in our markets as CL flipped red after being green all morning. There isn’t much to say here as we’re just in a strong uptrend and have been for nearly 2 years, until we’re not you can’t fight this, keep your eye on that 8 ema as your first warning sign as it now ticks up just below 600.

Recent Trades

TPR - In the 11/18 Recap here I highlighted the massive put sale in January at 52.5 into the gap fill. In 2 weeks since, TPR has rallied from 56.xx to 64.xx and those January puts have collapsed from .85 to .15 and they all remain in the open interest. If you want to hold for an extra .15 you can but when you’ve made the bulk of the money on a trade in 2 weeks, to me there is no sense holding another 6 weeks when anything can go wrong.

Today’s Unusual Options Activity

Here is today’s link to the database, as always this will be open until tomorrow morning. The rest of today’s trades will be added by the afternoon.