8/30 Recap

Another day riding along the 8 ema and getting real tight setting up for a big move. I still see nothing bearish in this chart, just alot of consolidation and a nice bull flag forming after basically 3 weeks of sideways. I know September is usually a seasonally bad month, but I’m still in the camp I’ve always been in that we will go into the election at highs.

Although we have been weak everyday this week, we are still looking to close at the highest monthly ever on the SPY as you can can see below, that just isn’t bearish at all regardless of all the bad data we’re getting. We’re getting better breadth and are doing this with almost no megacap participation, imagine what happens if the actual leaders of this market ever start working again……

Recent Trades

CRWD - In the 8/6 recap here I noted all the bullish action on crowdstrike coming the day after bullish engulfing candle. The bullish engulfing is a candle that tests lows and goes out at highs encompassing the entire previous day. It means a stock found buyers. The stock is up nearly 20% in the 3.5 weeks since. The september 180 puts I suggested for $4 likely expire worthless in another 3 weeks.

Trends

PDD had by far the most bullish action this week after the crash it had. Countless sizable put sales trying to mark a bottom in China’s tech giant. It’s up over 95 now where that huge put sale the day of the crash was for today. Technical damage like that isn’t easy to repair but you can likely sell puts another 20% lower with comfort after all the trades this week. Other sneaky names this week that usually are not top trends like ACI,BILL,HPE,OKTA,AIG,CHWY.

1 Week

2 Week

1 Month

Today’s Unusual Options Activity

Here is today’s link to the database, since monday is a holiday I will leave it open until tuesday at the open. The rest of today’s action will be added by tonight.