7/29 Recap

The SPY is sitting right over the 50 day right now sandwiched between the 8 and 21 ema. To say we’re in no man’s land is an understatement, naturally, tomorrow is MSFT earnings and Microsoft is the largest component of our index at almost 7% of the S&P. Microsoft and its reaction will give us our next direction in the market. We also have Apple, Meta and Amazon reporting this week and those 4 are a combined 20%+ of the market. We also have economic data and overall should have a direction on where we’re heading next after they all report. Last week Google had a strong print but a bad guide and sold off. Bulls need strong guidance from these leaders more than anything else and less of the constant wall of worry ahead they all seem to constantly paint when they report.It doesn’t take much for the market to breakout or breakdown here, we’re literally on the edge of either outcome at this point.

Recent Trades

FTRE - I highlighted this one back on 7/1 here because of the odd buy in a name with no activity. Shares are up almost 15% this month and you can see the calls below were bought for $1.50 each on July 1 and are $2.50 at the moment for a quick near 70% return. They remain in the open interest today.

Trends

1 Week

2 Week