6/30 Recap

As the quarter wraps up today, we are going out on a high note looking for the highest close of the quarter. We are once again nearing overbought levels but the market loved today’s inflation data and we’re now back to less than 10% off all time highs set in 2021. Bears were caught flat footed this quarter and the amount of people on the sidelines sitting in cash and bonds is at record levels. If there is any panic from them to get long equities, this could be a very prolonged rally ahead.

On the otherhand, this quarterly candle on the SPY looks like a bear flag, any breakdown from there could get ugly, but again until we get some confirmation of a breakdown, try to guess when the decline comes is a futile exercise. We just play trends in here and for now it remains higher.

Trends

This week saw some interesting names emerge in the top bullish trends: DAL,NRG,TOL,WBD,ASP all names we don’t really look at much but now we need to look deeper into. Tesla leads the way with bearish action this week but those very well could be hedges into the delivery numbers this weekend. BAC is an interesting one too because so many bank names saw bullish flows but this kept seeing bearish flows, the higher interest rates would likely hurt BAC more than any other large bank so keep an eye on that one.

Week To Date

2 Week

1 Month

Today’s Unusual Options Activity & What Stood Out

Remember all those Apple calls in yesterday’s recap? 19,500 192.50 calls expiring today? The stock is 192.94 right now and those calls were bought for .14 and are sitting at a nice 4x overnight right now. Impressive 24 hour bet by the fund that placed that trade.

Another day of not much action, pretty slow into the holiday weekend but here are the 72 trades I have for today