3/20 Recap

Before I get into today’s recap I just wanted to say that I won’t be around tomorrow, I’m traveling back home, so there won’t be a recap tomorrow but I will get everything uploaded to the database hopefully by tomorrow night and you can see all tomorrow’s action.

We await what Powell has in store for us today. Oil reversed over 2% today. We likely get more clarity after the dot plot on the direction of the market for the weeks ahead. I can’t imagine he is dovish in any way, the fed is completely out of ammo. Everything they’ve tried has failed, the inflation data is starting to tick up again and stocks are completely ignoring them at this point. The SPY is sitting right back over all the moving averages looking great, but that can all change with a hawkish tone from Powell today.

There isn’t much to say other than the fed is not impacting anything long term regarding the operation of your names at this point, rates are elevated and most companies have adjusted. If you’re concerned with short term pullbacks, one could happen after this, but overall, it is all nothing material. High rates for longer means the companies that generate the most cash are the real winners and you should stick to those. Well, you should stick to those always, but lower rates created this period where everyone began to overpay for growth names, but that period is over.

Whatever happens, earnings season begins in 2-3 weeks and we always begin a run up into that.

Recent Trades

I highlighted all the PDD calls and put sales that came in on 3-11 in the recap below and PDD hit near $150 today before a monster fade. Even so it’s still $129+ now and it was 114 then. It has made a really nice move up. You had a chance to cash this well over 140 this morning which would have been a huge gain.

Today’s Unusual Options Activity

Here is today’s link to the database, it will be open for 2 days, until friday at the open. I will upload the rest of todays action by tonight. You can find the trends and today’s unusual options table inside the link.