Good Morning!

Yesterday was a weird day in the markets. The flow was bad, gamma was consistently inconsistent in the direction it wanted to go, and it was just all in all a chop session.

We still managed to get in and out of our SPY trade with a 15% gain when an opportunity presented itself. Some days are like that. Opportunities are there, but you have to work quick to get in and out of a position and take your gains off of the table. Yesterday was one of those days.

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Whale Watching is our recurring segment where we share the most bullish flows of the day from smart money.

As I mentioned above, the flow was bad yesterday. There actually isn’t any that I’d prefer to show you that I liked. So let me revisit and discuss the flow I shared with you yesterday morning!

I wrote yesterday’s email on SATS over the weekend while I was researching. Then it gaps up premarket yesterday. Market opens and it immediately sinks all day to close the gap. If you bought contracts yesterday then you probably didn’t get the best fill. I know I didn’t either.

That being said, this one is not a day trade and may take some days or even a week or 2 to materialize. I speculate that as SpaceX IPO draws near and hype builds this will continue to get action. If you are down on the contract, don’t panic. This one will take a bit to play out but I still really like the story and potential here!

SPY is slightly dow again in premarket today. We continue to be in a negative gamma environment which is a change compared to the past few weeks. Negative gamma expands volatility and will make the market a little more unpredictable to trade.

Currently, the largest position on the daily is actually at 740. We need to keep an eye on where gamma materializes once the market opens. This will set the stage of where the market wants to take SPY today based on dealer hedging. There is decent negative gamma below though so I do believe we have the potential to move either direction right now.

This is an environment where you want to take profits quickly as opposed to letting them ride.

We continue to enjoy building out our live alerts and community discord! Thanks to all of you who have joined and participated.

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