7/3 Recap

We’ve had 3 straight days of pretty low volume before the holiday, it’s hard to make much of the recent action because there really haven’t been too many participants. I wouldn’t really put too much weight into anything you’ve seen the last few days, I would wait until volumes begin to normalize hopefully this week but more likely next as people return from their holidays.

The SPY as you can see below is sitting at near overbought levels with the RSI pushing highs but with the moving averages sloping up, this looks great here but there is now a nice gap below from 2 days ago and another gap from early June below 425. You have to think that these gaps fill sooner than later. So be mindful of that and think of not adding significantly more longs until they do fills, maybe even look at selling puts into those gaps.

Today was an odd day where you had the big 7 lagging outside of Tesla and Nvidia, but the market was green nonetheless. We haven’t had many days not lead by tech in recent months. Is a potential rotation underway or just a natural breather after the run we’ve had?

Trends

The top trending name of the last week was EWZ and that continued today up 1.2%, EEM right behind it also closed up 1.2% both outperforming the market. Another name that saw alot of flow last week was DAL and today we got news that Friday was the biggest day ever in US aviation history in terms of passengers, DAL had a small boost on that. Over longer timeframes Amazon remains by far the most bullish name in here with net score of +40 bullish trades of unusual size over the last 2 months. On the 1 month timeframe alot of the names that are there like UBER,CCL,RIVN,CCJ have seen significant moves up in the past month, so these trends are working as intended by spotting names with large option flows and highlighting them

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Today’s Unusual Options Flow & What Stood Out

96 trades today