Good Morning!

Yesterday was a crazy day in the market! Lots of volatility and price movement. I sat the day out due to the volatility I knew the FOMC meeting would bring. Today things should calm down and make for a solid trading day again.

I am looking to continue my 11 day win streak today! Our trades have absolutely been crushing and accounts big and small in our group are growing like crazy during this win streak!

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Whale Watching is a recurring segment where we share the most significant options purchases by smart money from the previous trading day.

This was a repeater that went off for an oil company yesterday. It’s set out to mid October with it’s expiration. I always take notes when alerts like these come through as oil and the general market tend to move it opposite directions. When oil is high the market tends to move down and vice versa. Someone was building a position in XOM yesterday preparing for higher oil prices I assume. I don’t have a position in this trade but I always watch these closely as they allow me to prepare what the general indexes may do. I wanted to share this one as a heads up for what could be on the horizon.

After an ugly close yesterday, SPY is up about two thirds of a percent this morning. This is your prototypical positive gamma stacked overhead and negative gamma stacked below setup. Usually when these positions gap up like this I often look for a revert to the mean. What I mean by that is that if we get a gap at open on SPY I often look for it to trade down during the first few minutes of the market. The positive gamma overhead should keep it under control if we continue to trade up but the negative gamma underneath can certainly cause some volatility today so be aware if we slip into the range especially with 726 commanding the largest exposure on the map. As always, I would like to wait to make my final judgement when the market opens and gamma goes live.

Thanks for reading another edition of OPG Order Flow! I look forward to getting back to trading today after taking yesterday off.

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I’ve discounted your first month!

-Caleb