On a quiet day, calls and call spread buyers dominated trading, with BAC and AAPL leading the way again. AAPL – Panic was evident on the open from the options market, as more puts were …
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We’re back in familiar territory in the SPX index, between 1400 and 1420. During the second half of March, and practically the whole of August, the index bounced around between those 2 levels , before …
Continue readingOn many occasions we have discussed the concentration of strength among a handful of names driving much of the SPX and the NDX’s ytd performance. For instance the top 20 weighted names in the SPX …
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I have to admit that I’ve been surprised by the resilience of the major indices following the policy announcements of the past 2 days. The markets are bouncing this morning ahead of the payrolls number …
Continue readingI can’t believe the complacency in this market. The S&P 500 is trading 4% from 4 year highs. But indicator after indicator keeps missing. Multinational companies that sell to every region of the world, …
Continue readingUpdate SPY, June 26th at 10:45am – Sell SPY 132 calls at $0.75, a small loss: I am going to sell the calls I bought yesterday at 0.79 for 0.75 today, for a small loss. I …
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As I mentioned in this morning’s Macro Wrap, I expected the recent selloff to make new lows, and I am quite bearish on the 1-2 month outlook for markets as global recession fears escalate. Earnings …
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