We saw a gap down this morning on the indices, followed by weakness across the board. Pop and drop, pop and drop, pop and drop ... a whole day of that.
Still some opportunities, though ... If you grabbed SPY 460 puts at the open they were about $1.30-$1.70 they went to a high of $4.66 after breaking our 457 watchlist level and then reversing for the day.
TSLA Obeys the Watchlist
Tesla (TSLA) was relatively strong in the morning, giving up a nice long opportunity off our 1018 watchlist level. You could have grabbed the 1020 calls for $29.50-$31 and seen them more than double to $62 before Tesla finally ran out of steam at the 1065 level. Wowzers.
Activision News Gives Up MSFT Long and Short
Microsoft (MSFT) is apparently acquiring Activision, so they were on our radar for trend. MSFT claimed the 305 watchlist level in the morning and gave us an opportunity to get long. The 305 calls went from $5 to $7 before MSFT pooped out and gave us the chance to flip short. The 305 puts did even better, more than doubling from $2.80 to $5.80.
RBLX Gaps and Crashes
Roblox (RBLX) gapped up in the wake of the Activision news, along with other gaming names. But it didn't last long. All pops were shorted and down they came, along with it a nice chance to double your money. The 78 puts went from $1.75 to $3.45.
LRCX Deja Vu
Lam Research Corp (LRCX) repeated its performance from last week, failing to claim 730 and then selling all day. The 700 puts went from $8 to a high of $23 straight from the open. Sell city all day.
Member Trade of the Day
Edumomo member SHRegime traded nothing but SPY on a non-stop sell day and still finished the day 12.84% ahead. Boom.