Good Morning Grazers,
Little birdie is showing close to 20m puts expiring on Friday April 26th with strike 510 , by the same token the biggest $ on puts is 490. In addition there is some heavy concentration of both at level 505 which may be a 'hot' level this week so be mindful entering S or L at that level.
If you consider Friday the ERL of SPY we are heading for 510 which is curiously the 50% retrace.
We may get some tailwinds from earnings that will without a doubt solidify strong performance as Q1's are generally pleasant in the grand scheme of yearly cycle, re-openings and new launches of campaigns etc etc.
I foresee the gapper being filled to the upside so ride the wave high and then drop it like its hot at 511 just ensure your own conviction of when to take the short as to not take it prematurely.
Happy Grazing,
Little birdie is showing close to 20m puts expiring on Friday April 26th with strike 510 , by the same token the biggest $ on puts is 490. In addition there is some heavy concentration of both at level 505 which may be a 'hot' level this week so be mindful entering S or L at that level.
If you consider Friday the ERL of SPY we are heading for 510 which is curiously the 50% retrace.
We may get some tailwinds from earnings that will without a doubt solidify strong performance as Q1's are generally pleasant in the grand scheme of yearly cycle, re-openings and new launches of campaigns etc etc.
I foresee the gapper being filled to the upside so ride the wave high and then drop it like its hot at 511 just ensure your own conviction of when to take the short as to not take it prematurely.
Happy Grazing,