7/17 Recap

The markets continue to gravitate higher, I wouldn’t put too much stock in the action here right now as we’re just hovering at overbought levels on the RSI with no real catalyst until some of these megacaps start reporting. It all begins with Tesla this Wednesday and will continue through Amazon the following Thursday. Those big 6 names, excluding NVDA who reports in late August, should give us the direction of this market. It’s crazy to look below and see the SPY hasn’t really tested the 21 ema, the pink line in a very long time, this is a very powerful trend we’re in.

The dollar is up a tad today but remains firmly broken down as you can see below. It broke below its entire 2023 range last week and a weaker dollar looks like something that may persist for awhile, this would be great for equities. This also would be fantastic for EEM,EWZ, and many more. Possibly why those have been some of the top trends in my database for the past month.

Trends

ATVI has been in these short term trends for the last few days and saw a big move up after-hours Friday on the news going their way, its up 4% today. Coin remains high up the list and I saw some odd otm calls today you’ll see in the table today expiring this week. Otherwise short term nothing really stands out to me in terms of trends, META continues to see huge far OTM call buying with last week’s 40,000 max strike calls followed up with some huge buys you’ll see below.

1 Week

2 Week

1 Month

Today’s Unusual Activity & What Stood Out

108 Trades Today

One trade from last week that stood out to me was in the recap 3 days back on Wednesday I noted some odd action in YELP, it is up 11% today as I type this. Perfect timing from that player with a risk reversal 3 days before whatever news came out today. You almost question why they went so small with the trade.