9/16 Recap

I have to head out a little early today so this is coming 30 minutes early. This week is going to be a rollercoaster with the feds interest rate decision, not much is going on beforehand, today has just been an inside day so far. Will it be 50 bps? 25 bps? Liz Warren was calling for 75 bps today. This has all become a clownshow, the sooner we get the show rolling with whatever they do, the sooner we can move forward. Every week the market is in limbo about some new datapoint and how it will affect rates, hopefully we can get a direction this week and build on that. At this moment, the SPY is just holding firm over the 21 ema, which isn’t bearish. Will it still be this way come friday? Nobody could tell you from now, the answer is, it really just depends on how the market reacts to the fed decision.

Recent Trades

NUVL - on 8/21 I highlighted this one here and today it is up 23% over 107. Look on a scale of 1-10 in terms of what the sketchiest trades I post are, the biotech put sales are off the charts like a 15 because the players placing them have to be right or you’re unemployed. If you sell at the money puts like these NUVL ones they sold below you have to be right or this thing is going down 90% and you’re looking for a new job. Biotechs don’t have a middle ground, they’re either going materially higher or they’re a zero. That’s why I always say pay extra attention when puts are sold on a small cap biotech because those have the highest degree of risk, so people placing them have to be right way more than they’re not.. Those short puts all remain in the open interest right now.

Today’s Unusual Options Activity

Here is today’s link to the database you can find all the rest of the days trades and trends below, the rest of the days action will be added by tonight.