6/21 Recap

Slow day with OPEX going on the market continues to just drift higher nothing new. Let’s talk about some of the important things going on. NVDA broke down at the open flushing all the way from over 140 yesterday to 124 this morning, but look at this candle being put in so far today. It is reclaiming the 8 ema and you have to just laugh, the demand from buyers is insatiable here. Momentum seems to be rolling over, so I won’t say that NVDA is ok, but today was a funny candle because typically when you put in a bearish engulfing candle on heavy volume like yesterday, there is usually supposed to be a followthrough lower, we got it, but it was bought up right away. 2024 markets in a nutshell.

On another front don’t look now but GOOG and AMZN are going over all time high weekly closes. GOOG is over 181 and looking very strong, AMZN is over 188 now, the highest weekly close it has ever had is 187.50. It is hard to believe that AMZN could be closing at its highest weekly ever today if it holds because the name feels like it is performing so poorly for months. 2 days in a row it was green in a weak NQ tape, there were a couple big call buys today down below too. You can feel a rotation unfolding into these 2 because they’re over $1T less than the big 3, which is just ridiculous. The IV is finally rising here too. All good signs.

Recent Trades

I know everyone got excited about PENN from yesterday’s recap and I got tons messages but that pop was just a rumor, we need to see something come of it, but the timing of that call buyer was suspect to say the least. I want to discuss another name

FTAI - This was highlighted in the 6/10 recap here. The call spread I highlighted is up 100% right now to 2.80 on just a 6% move up in the name. Great trade for a little over a week.

Trends

1 Week

2 Week

1 Month

Today’s Unusual Options Activity

Here is today’s link to the database, it will be open until monday at the open, I will have the rest of today’s trades added by tonight.