The market is holding up relatively well considering the plethora of poor economic data and now oil roaring back to life nearing $88. Combined with student loan repayments kicking in and we have all the makings of a messy economy ahead of us. Stocks continue to ignore all that for the time being. The SPY remains firmly bullish with it’s 6th day in a row over the 8 ema. It needs to make a push here or it is forming a lower high vs the late July highs.
More interesting is the fact the DXY,VIX, and TNX were all green yet so many tech stocks were very green lifting the NQ higher. Those names don’t move in tandem, we will find out which one was wrong soon enough. Today all the travel names were hit with oil rising, then many of the consumer names were too. It’s always a zero sum game with all the macro headlines, oil goes up and panic ensues over how people will afford to do other things.
Trends
Tesla was by far the most bullish name over the last week and today it saw a 5% move up after that big move down Friday.
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Today’s Unusual Options Activity
131 Trades Today, alot more than usual but being around my screens all morning doing the live thing, I caught alot more than I normally do.
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