Good Morning!

Yesterday brought a lot of volatility in the market. It was a day where I ultimately did not place a trade simply due to not hitting the technical levels I wanted it to hit upon open. I wanted a flush to 7600 SPX and we did not get quite to those ranges which left me uncomfortable opening put spreads underneath. Because we still sold off a decent amount, I was uncomfortable with call spreads above as well. At the end of the day it is about taking trades where I am comfortable with the risk/reward scenarios that are presented and that didn’t exist for me today.

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SPY is up nearly 1% in the premarket this morning as I type this! We continue to show some nice moves in the premarket. It will be interesting to see if this move can stick unlike moves from the last few days that fail to hold up once the market goes live. This is a much larger move this time around, however. There is some nice sized positive gamma stacked above today. We will see if that kind of price action takes hold and we see slow and steady price movement today. There isn’t a significantly strong negative gamma presence as I type this but that doesn’t mean that it won’t show up as the market opens. As always, I will reserve final judgement for when the market opens and we can see how it all materializes and make our final judgement at that point. Once I analyze gamma structure and trend I will put together a trade plan and issue to subscribers.

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See you inside!

-Caleb