1/22 Recap

The SPY continues its power move back over all the moving averages, now we have all sorts of gaps below to fill in the next few months. All time highs are within sight at 609.07. Big tech earnings next week will have to be very strong for this to continue, for now though it is more due to the dollar weakness than anything else.

Here is the DXY, you can see the weakness the last 7 sessions coinciding with equities rallying the last 7 sessions off the 100 day break above. The dollar just broke a huge uptrend going back to October and prolonged dollar weakness would be very bullish for equities. Even with today’s bounce in the dollar it is still very broken now.

Recent Trades

CRK - In the 1/13 recap here I flagged this block of 3000 calls bought for February at $21 with the name at 19.xx. Today is popped 4.8% to nearly 22 as natural gas continues to run hard in 2025.

Those calls were bought for $1.10 at the time and are $1.95 right now after this huge move. Nearly 100% on the calls in just 9 days.

My Open Book