6/25 Recap

Weak candle so far today, momentum looks set to roll over tomorrow on the SPY. For as strong as the market has been, we are 1% away from the 21 ema. A break of that and the bullishness is over. So be on your toes here, this is not a moment where we can say the coast is clear. If you’re a bull you want to see a big daily candle really soon where we move materially away from the 21 and start to push higher. Otherwise this market is looking weak right now.

Recent Trades

So yesterday I had a Minervini moment where I thought CORZ was a biotech, the name is Core Scientific. Apparently it’s a bitcoin miner, I really could care less, I know the names I know and I usually tell you when I don’t know a ticker. The point is regardless of whatever the company does, there was a big trade, the name is up 9% right now a day later. What a company does, what it’s story is, all the stuff is irrelevant to me when discussing direction. Direction comes from options flow and chart setups, that’s it. Now here’s whats interesting, the name jumped 9% and because the IV and how far OTM the calls were the price is the same .50, that’s why sometimes its better to directionally buy common on some of these trades or even use the risk reversals I note to sell puts to finance the calls.

Trends

1 Week

2 Week

1 Month

Today’s Unusual Options Activity

Here is today’s link to the database, as always it will expire tomorrow morning at the open. I will have the rest of today’s trades added by tonight.