Today was an interesting day for SPY and a number of names ... range galore. SPY managed to sell all the way into the 420s and recover to fill most of the overnight gap.
SPY 425 calls from the 420 watchlist level went from $1.15-$1.40 to a high of about $11. SPY 430 puts went from $2.30-$2.70 at the open to a high of $9.55. Wow ... SPY is pretty much a meme stock.
Lots of selling and buying all day. SPY's volume was the highest it has been in forever, even higher than Friday. I'm curious to see what happens on the day of FOMC — will we get more selling overnight? Tensions remain high. I can't see anyone swinging any positions. That's not really required for our style of trading.
Big Names Dump, then Bounce
Shopify (SHOP), Tesla (TSLA), and Amazon (AMZN) all plunged and made enormous recoveries. Here's how it went down.
- SHOP was absolutely nuts today. Some bullish news gave it that extra push. The 800 puts went from $26 to $60, only to bounce on our 780 watchlist level and recover. The 900 calls went from $10 to $90. Wow.
- TSLA 850 puts went from $22 to a high of $53 as it broke the 900 watchlist level only to bounce off the 850 watchlist level. The 900 calls then went from $35 to $58.
- AMZN showed relative strength in the morning, but the 2750 puts went from $45-$50 to a high of $104 until it bounced at the 2712 watchlist level. Then the 2900 calls went from $16-$20 to a high of $70. Damn I'm good.
Member Trade of the Day
Edumomo member Tg777 won the day with puts on SPY, AMZN, Netflix (NFLX), and Moderna (MRNA) to finish 17.48% ahead. Nice job!