5/30 Recap.

We woke up to another tech pump after NVDA hyped some more future products over the long weekend. It was up 7% at one point crossing well over the $1 trillion dollar market joining a pretty exclusive club of companies doing far more revenue than them. It faded hard going from 418 to 404 as I type this while Microsoft and Google are red in megacap land. Only Amazon and Apple are green today and you have to wonder if this is a blowoff top type move. So many exploded at the open and immediately sold off hard. This AI move is really impressive, look at all the names that did well last year whether staples,oil,materials they’re all very weak and outside of this batch of mega caps, the market participants are not really doing much.

The SPY continues to hold up, the SPX is still trading over 4200 and everyone seems to be looking for a sell the news event on Wednesday as the debt ceiling deal passes. It could happen, we have some open gaps below, but there are still a handful of names outperforming and I think your focus should shift to them because they will emerge the quickest out of any potential dip we may have.

Trends

Just look for a moment at the names dominating the trends of the last week. We know AMZN and NVDA are green today but look further down the list. Ford is up over 4%. FYBR is up 3%. Obviously others like DLTR,AMD, and CCJ are red, but the Ford action was all expiring very soon, so these definitely worked out quickly.

FYBR if you remember last week had 4 straight days of unusual action

1 Week

1 Month

2 Month

Today’s Unusual Options Activity & What Stood Out

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