Trade Ideas
UOA PRO Update SPY 7-29
24,500 07August 720 puts bought for 3.46 above open interest of 3.48 contracts; 24,500 07August 700 puts sold for 1.08 above open interest of 7,156 contracts. Rolled from a 9,100 contract put vertical in the 31July 740//720 strikes. Stock 735.49.
Status Update
Ticker: SPY
Stock: 735.49
Expiration Date: 07AUG
NEW UOA: 24,500 07August 720 puts bought for 3.46 above open interest of 3.48 contracts; 24,500 07August 700 puts sold for 1.08 above open interest of 7,156 contracts. Rolled from a 9,100 contract put vertical in the 31July 740//720 strikes. Stock 735.49.
UOA PRO New Trade Idea SPX | SPY 7-21
Ticker: SPX, SPY
Type: Bearish Put Spread
Stock: 7,491.54
New Trade Idea
Ticker: SPX
Stock: 7,491.54
Trigger: 740.80
Targets/Resistance: 728.99, 725.43, 720.65, 718.01, 715.17
UOA: 53,500 04September 6,100 puts bought for 9.70 to 10.82 above open interest of 243 contracts; 53,500 04September 6,000 puts sold for 9.57 to 8.60 above open interest of 909 contracts. Underlying 7,466.093-7,494.07.
SPY $747.83 Last.
OK Gang…you can look at this in many ways, here are a couple:
- We’re trying to shoe horn a bearsider in where there shouldn’t be one as the UOA was seen in SPX not SPY despite the correlation being what it is…
- We’re going the extra mile to prudently prepare, just in case, after seeing the first VIX call buying and SPX put side activity in some time.
Naturally, we’re going with Door #2 due to the aformentioned UOA hits thus far today but that’s not the only reason. As many Friday video-watchers know, we discussed a possible SMH/MTUM relief rally attempt being a possible near term scenario and noted that IF the MAGS joined in as well, the Gang could really have something special on their hands just in front of what’s often good times for MAGs performance heading into the EPS-travaganza next week (effectively, the back half of July). HOWEVER, there’s other developments afoot that could be concerning and result in the market going “off script” with a sudden (and untimely for many) rug pull. We will place those charts in this post as reminders but with the $DXY, TNX & USD/JPY all moving up to near potentially concerning levels, adding this bearsider now seems to be prudent just in case all is not well.
Trigger: $740.80.
Strategy 1: Consider the SPY 31Aug.740.00-715.00 put spread for $7.00 projected at trigger level today. Uncappable.
Strategy 2: Consider the SPY 07Aug. 740.00-710.00 put spread for $6.00 projected at trigger level today. Uncappable.
Targets: 728.99, 725.43, 720.65, 718.01, 715.17
