What an interesting day. SPY gave is a small relief rally in the AM, followed by more selling ... but it wasn't an all-day seller. Instead, it turned into an all-day grinder to the upside.
SPY 470 puts went from $2.20 at the 470.5 watchlist level to a high of $5.25. If you flipped to long on the higher low, the 470 calls went from $0.85 to a high of $2.50.
All in all, lots of great opportunities if you planned your trades around our terrific watchlist levels.
Tesla (TSLA) followed SPY almost to a tee. If you got short at the initial push from the 1088 level, the 1080 puts went from $16-$17 to a high of $58 at the bottom. Insane.
Groundhog Day for ROKU
Roku (ROKU) continued its pattern from yesterday, giving us a quick morning bounce i.e. an opportunity to get short, followed by an intense V recovery, i.e. an opportunity to ... you guessed it ... get short again. The 195 puts went from $3 to $9 ... and then the 200 calls went from $3 to $6.
GME Remains in La-La Land
We're watching Gamestop (GME) for a breakdown below 100. It flushed with the market, and yet continues to get bought up. The risk/reward for bulls idea from pre market prep got a monster lucky win with an announcement on entering NFTs by GME triggering a huge move afterhours.
Member Trade of the Day
Shoutout to Edumomo member GrapeSodea, who grew his baby trading account 43% today ... all while on vacation, lounging on a beach. Awesome job!