2/7 Recap

We opened higher today which usually isn’t the case when Snapchat tanks like it did yesterday. Typically that weighs heavily on the ad names because it usually goes first but this time Meta, Google, and Amazon had all reported strong advertising numbers so most brushed off Snapchat as being a useless asset to advertise on. China giant Alibaba reported premarket today and sold off hard. These Chinese names remain very tough trades, the fundamentals don’t seem to matter to anyone because if they did they’d be much higher. Today what caught my eye was all the bank puts bought that I noted below. It feels like we’re about to have a repeat of last March chaos with banks although this time it seems contained to only those with heavy office loan exposure. Yesterday NYCB was down 25%.

We have a lot of economic data here soon with the big bond auction soon but overall the SPY continues to trend very nicely above the 8 ema in a steady uptrend for now.

Oil keeps trying to bounce higher and just keeps getting rejected here at the 8/21 ema. It remains rangebound between $70-80 which is a happy medium where oil companies make money and consumers aren’t paying fortunes for gas.

The TNX, below, seems to be forming an inverse head and shoulders. It would be ideal for those bullish equities to see this go lower but it has bounced nearly 10% in 5 days while stocks kept up. These don’t move in the same direction typically, so something is going on and one of them will change course. The fed keeps sending out speaker after speaker giving mixed messages on the dates of potential rate cuts.

Recent Trades

Did any of you notice the ENPH calls in yesterday’s recap? 2000 weekly calls bought at 115 expiring in 3 days with the stock at $100. What lunatic would put that on? ENPH hit a high of 124.xx today and that player made lots of money cashing them in. I hate gambling on earnings but you always have to take note of the calls with short term expiries.

Another one I’ve noted alot recently is OSCR in the 1/23 Recap and now in 2 weeks it is up close to 30% to $13.55 today after a rush of trades from 1-11 to 1-23. It’s uncanny how when you have these small off the radar names and the option players step in you get these outsized moves and often rapidly. This is a perfect example of what I’m trying to find in all this option data daily.

Trends

1 Week

2 Week

Year To Date

Today’s Unusual Options Activity

Below is today’s link to access the database, as always it expires tomorrow at the market open and the rest of today’s session will be added in before the afternoon. The updated trends and day’s activity will adjust as I input more data.