5/26 Recap

As always, I don’t write up a full recap on Fridays. Today’s move was nuts, not much to say. It appears the market is worry free heading into the long weekend without a debt ceiling deal official. As I said even when the deal is made official, it really isn’t bullish for the market, but the megacap tech names continue to boom.

Trends

Interestingly these trends were on point this week with AMZN and AMD having huge weeks. If these trends hold true then names like FYBR,ETSY,DLTR should have nice runs soon. On the longer term I was looking and IEP was the most bearish name and sure enough that name collapsed this month. Most of those puts were bought long before the collapse this week

I really do think I have something here in trying to model the direction of these option flows. I don’t know what exactly as it obviously isn’t perfect, but there is something there as I figure out more about honing the data.

Week To date

2 Week

1 Month

Today’s Unusual Options Flow

89 Trades Today

Trade Of The Week Update

TTWO had a so so week. The moving averages were catching up to it all week as you can see below. I still think this has a META type move coming, if you remember I noted a big call buy for next week the other day.

Why META? Look at this chart below, big gap up, relax for a little bit then take off. That’s how I see TTWO playing out if you’re in it.

What Did I Do Today?

I had my best day of the year. I was not banking on a $200,000 day after yesterday’s bloodbath due to Snowflake. I know I’ve been telling you all week that I felt Amazon was close to an eruption and that’s why I fully levered into it, but never did I think it would be up nearly 6% on nothing so quick. This was really just a technical breakout that went right. As you can see below, this morning we were breaking this short term trend we were in. When we crossed over is when I rolled my 120 short calls for next week to 130 in July but even those weren’t enough so I just rolled out to January 160 calls short as I really do feel this is their time. I think this is the place to be the next 1-2 quarters as they normalize operations and catch up to the other mega caps.