Today SPY mostly did what we thought it would do after it failed to hold the 446 level yesterday — a failed breakout. If you went short on SPY into any pops this morning, you are a happy camper. The 442 puts were going for $2.60 and went as high as $6 at the lows.

We're watching for the downside to continue tomorrow, since it broke the shorter-term uptrend on the daily.

SHOP Continues to Drop

Shopify (SHOP) continued to melt down. We were watching for the 720 break and looking for pops to get in early. The 700 puts were going as cheap as $6-$7 on the morning pops around VWAP. It sold right into our 696 watchlist level and those contracts went to $19. Excellent!

If you took the reloads at VWAP plus the watchlist level, they were around $9-$10 and went over $45 at our 660 watchlist level. It may not be over yet ... We expect SHOP could see 600 tomorrow.

Wild AMZN Moves

Amazon (AMZN) was on steroids this morning. It held our 3160 watchlist level and rallied right to 3205 before double-topping and stalling out for the short. The 3200 calls went from $14 to a high of $33 in less than five minutes. If you grabbed the 3150 puts on the double-top, they were going for $13-$15 and went as high as $62. Awesome!

NVDA Sells, In Spite of ER

NVIDIA Corp (NVDA) was a seller out the gate in the wake of its earnings report — despite the ER being relatively good. It crushed some of our members' swings ... but that happens. It gave us a chance to get short vs. VWAP in the morning fun. The 245 puts were going for $2-$3 and hit a high of $7.30 before bouncing at our 243 watchlist level. Nice work!

ABNB Pop and Drop

Airbnb (ABNB) popped and dropped into our 187 watchlist level, where it double-topped and gave a great risk/reward entry. The 185 puts went from $1.70 to a high of $3.90, a solid double.