6/3 Recap

We got a big reversal in the market today, the market is just not looking strong. At this moment the SPY is sitting ontop of the 21 ema but it is early, still a close below would mean a breakdown which would lead to more selling. That move end of day friday felt so fake, possibly end of month flows, not sure what exactly but without that, the market was closing with a breakdown if the last 20 minutes of the day didn’t happen. The bearish divergence continues to play out for now in the RSI and the ISM number this morning was another terrible datapoint in a series of many recently. The /NQ is down nearly 100 even with NVDA up $40, shows you how poor breadth is right now outside of Nvidia and the AI trade.

Oil has fallen off a cliff, I joked a few times recently that I expected some fabricated move down just for political posturing into the election and it looks like it is now here with crude down to 74.26 right now for a new 20% pullback since mid April.

Recent Trades

Structure Therapeutics up 70% right now today, not a typo.

Back in the 3/1 Recap here I threw in a 6th name in the trades of interest because the trade just seemed so egregious and came in after I had written up the 5 I usually do.

This GPCR trade was profitable over 51.50 for this player and as of right now with 2 months left to expiry. What an incredible trade this was by whoever placed it. This was one where the stock languished for 3 months after the trade was placed, but the date the player chose was July expiry and sure enough, the trade worked well before that date. So lesson is, don’t give up on a trade targeting a specific date on a catalyst because it hasn’t worked right away. These trades are why I write this substack, I love seeing these obscure tickers where players bet millions and it pays off.

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 throughout the afternoon so check back later on the app below for updates.