8/30 Recap

The market continued its move higher from yesterday on more bad economic data. We still have jobs number this week but overall the trend is back to higher for now. Yesterday was a clear break of the downtrend and today was a continuation. With all the moving averages sloping back up again, the bulls are back in control for the time being. That trendline held perfectly Friday, two weeks in a row, which is why I was trying to tell all of you getting very bearish to relax, until a trend breaks, it is all noise. All those people who got short in the hole are in a predicament right now.

The TNX is selling off which is fueling this move as rates have fallen hard in the last week. The chart looks to have room to 40 or so. If it breaks that then equities are really going to liftoff.

The VIX went to nearly sub 14 today, they have smashed the VIX repeatedly for months on end, every single time it looks like bears may have a chance at something meaningful the VIX reverses hard. This hasn’t seen over 20 since late May, it has been a long time since there was any ounce of fear in markets.

A couple of trades I wanted to note today, yesterday I mentioned a large weekly V call spread. Those were put on for .10 and they got as high as nearly .5 today as Visa dropped news that they would be raising credit card fees soon. Almost 5x in 24 hours. Uncanny how they put that on yesterday and I joked that I even assumed there would be news with such a play. V did get up to 248.xx but sold off some. Still a very nice move up today

Another trade I mentioned in Friday’s recap was ALKS when those 2 odd lots came in and the name never saw anything. Today it was up over 9% to just under $30/share on news.

Again not every single trade I post is going to work out, but there are many that do that you’re really doing yourself a disservice by not sifting through the whole list of unusual trades everyday. Obviously those above were in the 5 I best that I try to highlight daily, and I do try to highlight 25 weekly, but there are so many others that I just don’t have time to dive deeper into.

Trends

TSLA has seen an insane number of bullish trades this week, I assume we’re likely going to see a cyber truck event soon as the stock has been lagging and every time it does Elon finds a way to pump it up with another non event. CHWY and GLD have also seen a ton of bullish activity this week and I noted all of the CHWY ones below but careful because that has earnings today. I’m using these tables, the longer timeframes mainly, to draw up my battle plan to put into motion my whole book now that I’ve sold out of my large Amazon trade. The plan is to focus on using these tables to sell puts to establish positions in bullish names.

Week To Date

2 Week

1 Month