2/3/25 Recap
I can’t even post a chart of the SPY like I do everyday because there is some weird wick on yesterday’s candle that is throwing off everything but hopefully they can resolve this soon. The market looks on edge right now with the 21 ema at just over 690 and us seemingly headed for it right now. There is armageddon in small cap tech land. SAAS names in particular are being decimated daily with the IGV down 5% today and you have energy breaking out across the board while consumer staples are at highs too. This is the 2022 recession playbook unfolding. Your tech leaders like NVDA continue to be rangebound and fail every breakout and pretty much everything is telling you to not be in tech right now. If you are in tech you need to think long and hard about what your goals are because outside of a handful of names, most are struggling to catch a bid right now.
Top Gainers From Yesterday’s Recap
Look below at how many names I flagged yesterday are up over 3% today. Considering the Nasdaq is down 300 points and I only flag maybe 150 trades a day, this is a big number and this is what is so important about option flow, look where the money is flowing and go there.
My Open Book
Trades I Made Today
FCX - I rolled the March 50 short puts I sold yesterday to 55 for a .65 credit 500x.
I didn’t do much today and feel lucky to only be down $1000 with all the leverage I have on but I’m in the right names like INTC, FCX and RKT in size and they’re buoying my book. The thing with markets you have to understand is something is always working, but because everyone is pretty much only long the same tech/saas names when those are weak it feels like the world is ending. Things are fine, money is just rotating to other sectors like energy and materials right now. Look at that Pepsi trade I highlighted yesterday and that near 5% move it had today.
