6/26 Recap

The market remains weak with the SPY barely clinging onto the 8 ema below. You can even argue a head and shoulders is forming over the last 10 or so sessions and that is bearish. Interestingly enough 2 of the big laggards recently, Amazon and Tesla, took the torch and are both breaking out at the same time. They of course are both XLY components, but this Amazon breakout is a big deal, it’s the last of the 5 big names to break out. Is this the big breakout? It’s hard to say because Amazon has always faded these moves, but if it gets a weekly close tomorrow in a new range over 190, that is a big deal.

Recent Trades

I won’t go over Rivian because I sent out that note last night, if you’re still in the risk reversal I noted back in the March best idea post, read that. I sent it around 8 or 9 my time last night. Today we’re going to discuss ZI from yesterday’s recap and GTLB which I highlighted last week here. Both are popping today after some questionable call buying came in over the last few sessions

Let’s start with GTLB this is up 12% right now after a player bought some weird size on the 43 calls expiring this week for .90 last week, those calls are just under $6 right now. What an incredible trade this was if you followed along. You always have to take extra note of the weeklies when they show up in my scans. Even if you’re not brave enough to play calls, just buying shares in the right direction of a move like this is a great thing.

Secondly, ZI is up 4.5% so far, I highlighted it last week and again yesterday. When these little names get call flow, you always have to pay extra attention. These calls almost doubled overnight.

Trends

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Today’s Unusual Options Activity

Here is today’s link to the database, as always it will expire tomorrow at the open and the rest of today’s trades will be added by this evening.