Good Morning!

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

Of the sea of red that came in yesterday, this was one of the lone alerts I got for bullish calls bought in bulk. This triggered the urgent repeater alert which means someone was building a position rapidly. This one has a few weeks to play out which is always nice to see. It isn’t one that I yet own, but I will be watching it. I’ll be monitoring it today to see if there is additional flow coming in. It’s definitely something to keep an eye on.

SPY is green as I type this premarket. Yesterday we sold off decently into close. Today we have positive gamma stacked overhead with 757 the biggest exposure on the board. We have some negative gamma stacked below in the 740’s but the sizing isn’t near as substantial as the positive gamma stacked overhead. This looks to be a reclaim of the bullish grind upwards. Getting a live gamma reading will certainly help confirm this reading. My goal will be to trade this based on gamma today. I think we can get a decent move upward as the positive gamma overhead could act as a magnet for price.

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