8/23 Recap

The moment has arrived, will NVDA save or sink the market after-hours. From the standpoint of options positioning, I’ve seen alot more bullish trades than bearish ones, the ones that caught my attention were all the put sales that I’ve been noting for weeks deep in the money. Guess we will find out today if those were the right moves.

The SPY reclaimed its 8 ema so far, but it remains below the 50 day. This report is so big because we aren’t too far from a breakdown of the year long uptrend as you can see below, we broke below it Friday but reversed course. The next 3 sessions are very important to the health of the trend. Even if today goes well we still have the fed meeting at Jackson Hole this Friday to contend with so please be careful if you’re using any leverage.

The VIX is red, TNX is red, and the dollar is red. All 3 positive catalysts for equities. It’s a little surprising seeing the VIX at 16 with so much that could potentially go wrong the next few days but that has been the story all year, puts have been very cheap and for good reason, equities have seemingly always bounced back.

Trends

Short term names like KVUE are seeing alot of bullish activity as it gets added to the S&P this week. TLT also looks like it is bottoming out and hasn’t seen any bearish action this week. CCL saw some action coming into today and all cruise lines were flying today with CCL up 4.5%.

Week To Date

2 Week