All posts by uranium-pinto-beans

Today’s Unusual Recap – Thursday 6-4-15

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Today was the first trading session of the week where the market didn't obey the rules.   Instead of closing smack in the middle of the daily range, the $SPY closed sharply lower.  But in 2015 fashion the market was able to spike higher into the close to finish OTL -off the lows.

There were quite a few option trades that had my attention today.  I shared most of them in the News portion of the chat room.  I'll go over them as well as others that have piqued my interest below.  During market hours I post them right as they occur outside of the main chatroom to keep it clean and it also helps keep a nice record of the data.  Some of the bigger, more important trades I post in both chatrooms.

The VIX

As the VIX rockets out of "The Wedge"  trader(s) position for increased volatility.  How bout them VIX June and July 20's?

For the WYNN

How bout them $WYNN calls?  Quite a few in the chat room had them from pennies to dollars.  The $107 strike was $.05 offer all week and soared to $2.74 today.

Let's get into today's option action....  Some individual names.  Bullish action first

Bullish

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Thursday Thoughts

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This market doesn't like to close at the lows.  Late in the trading day, with only a few minutes until the closing bell,  stocks hit their lowest levels.  The action looked ominous.  Perhaps the long awaited free fall for stocks would send the indices plunging into and after the market closed.  And then... the market did exactly what it's been doing since the March 2009 bottom.... it embarked upon an eye popping,  spastic,  furious,  spike-a-thon,  for no other reason than it could.   It's as if the market was laughing at the market bears,  the shorts, those betting for more downside  and saying... what takes you hours to construct I can rip apart in a matter of minutes.  Go back to sleep.

The question still lingers as it does with every other day the market sees a moderate decline in prices.  Is this the start of a significant pull back?  Has the market topped?

Is this the start of the end?  After months of relatively quiet trade, these .8% pull backs feel a lot more like the 3% pull backs of years past.   And yet we know tomorrow could bring the pink eraser out and make today feel like it never happened.    I do know a few things and in the midst of today's recap I will share them.