8/6 Recap

Tech continues its bounce off the 200 day from yesterday, while this is a nice move and we’re now $15 away from the 200 day, it is still a fairly insignificant move because we haven’t even reclaimed the 8 ema which just shows you how oversold we were. Baby steps, this is a nice recovery, but this very well could still be a downtrend unless a few of these closes start coming over these short term moving averages. Today SMCI reports which should have an impact on NVDA who is up 6.5% right now, that is why I bought those NVDA shares yesterday, the IV was too high with the VIX over 60 to buy calls but being the market leader I figured any market bounce would be big for NVDA and here they are back to leading the pack up $16 off yesterday mornings lows.

The SPY is in the same situation, a hair better because it didn’t even touch the 200 day but we still have alot of technical damage to repair before we can say the market is back to normal. The overnight action in Japan last night was an encouraging start.

Recent Trades

VNO - up 17% right now today to nearly $32/share. For a REIT this is quite the move. Back on 7/11 I highlighted the odd call buy here and today those calls are up 100% after the big move. If you sold the puts to pay for those you’re up over 4x on the trade. This was a cool trade because this name really had nothing else in my data.

Trends

2 Week

1 Month

Today’s Unusual Options Activity

Here is today’s link to the database as always it will expire tomorrow at the open and the rest of today’s trades will be added by the afternoon