6/12 Recap

CPI came in cooler than expected and the market rallied today. We still hear from Powell shortly and it can change alot of things, but for now the market is looking great, we just hit overbought levels again on the rsi and we’re back to an 8 and 21 ema that are sloping upwards, nothing bearish here at this moment. What is of concern is outside of Apple, Nvidia, and Microsoft the other 3 big tech names Amazon,Google, and Meta aren’t participating. The market is just so heavily skewed to the 3 biggest names that they’re almost on a permabid at this point and nobody is even focused on the rest. I’m pretty sure this 2 day move on Apple is the single largest in history, I’ve never seen a company of this size move over 5% on back to back sessions. That enormous call flow we saw on Apple yesterday had a very big followthrough.

The dollar fell off a cliff today which is a big reason for the equity rally which is why you’re seeing the big move in bitcoin,gold,silver,etc That AGQ 3x Silver ETF I highlighted last week is up 6% today on this dollar breakdown.

Recent Trades

HD - Home Depot in the 5/28 Recap Here I highlighted that big buy of July 5th 335 calls for below $4 those calls are $13.50 today. If you threw in that November 290 put sale I suggested at 5.70 to finance the trade, those are up nearly 50% to 2.95 right now. This was an awesome trade and I think you can ring in the register even with a lot of time left, being up over 300% in 2 weeks is plenty don’t get piggish.

Trends

1 Week

2 Week

1 Month

Today’s Unusual Options Activity

Here is today’s link to the database, as always it expires tomorrow morning at the open and I will have the rest of today’s trades added by this evening. What an interesting session this was and a bit of a testament of where we are today, but this was the fewest put buys I’ve ever logged. It feels like that moment where bears just accept nothing matters and we keep going higher, weird to see, have a look at the table below.