6/6 Recap

We opened the morning with the bad news out of Coinbase that the SEC was suing them. If you remember yesterday’s post I highlighted COIN as having some odd trades. It went into the mid 40’s before a small recovery to $50 as I type this.

While weak today the SPY continues to trade over all the moving averages and is displaying nice strength in the face of all these alleged TGA refill headwinds. As long as we’re over the averages, being long is the only play. When we dip below the 10 ema, then I would consider lightening up for some weakness to come. For now, it could be argued we’re just waiting for the moving averages to catch up as we form a flag into potentially the next leg higher.

Trends

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Today’s Unusual Options Activity & What Stood Out

104 Trades Today. Interestingly yesterdays recap also had these weekly MS $86 calls that I tweeted about and MS is up nicely today to 85.87 as I type this. When I post these tables, take note of the weekly expiry ones, those often work, people don’t bet big dollars on short timeframes to fail regularly.