7/1 Recap

This shouldn’t be a busy week, we have a holiday thursday and friday will likely be a low volume session with so many on vacation for the fourth. It’s crazy to think because it feels like we go up everyday but this market has gone nowhere in 13 sessions. That’s 3 weeks of sideways and you can see the MACD has rolled over and we are 1 bad session from the market breaking down below the 21 ema. This is a weird spot for the market with no catalysts until bank earnings kick off soon. I’m not going to say I’m bearish because I never am until we break down, but this isn’t the most inspiring bull case right here. On the flip side you could say a whole new class of leaders is emerging with Amazon and Apple now taking the lead. Of course we’ve seen that for weeks here with the obscene call buying out of the money in both which prompted me to add Apple calls. Just be careful, we need to move away from this 21 ema quickly before we breakdown, I don’t like this sideways action.

Recent Trades

SNOW - I wrote it up as a weekend best idea 2 weeks back here. It was 127.17 at the time and is up 4% today to nearly 141 a quick 10% move. It saw insider buys, it saw call flow, put sales, it saw everything you want to see in a potential buy. The put sale I drew up below is now $1.05 from $1.70 so you could close for a large gain quickly if you don’t want to be in this name. I still think these expire worthless and this goes nowhere near $90 by January.

Trends

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Today’s Unusual Options Activity

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