Good Morning!

Yesterday was one of those rare days where I did not open a spread for the day. We still have a win rate of 52 wins and 2 losses in our last 54 options trades. I was hopeful to open a spread but ultimately decided to respect the trend and strength in yesterday’s market and stayed clear of opening any kind of bear call spread. The market was also too elevated for me to open any kind of a bull put spread as well.

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SPY is down around 0.40% this morning as I type this up premarket. After hitting all time highs yesterday the market is cooling off a bit this morning. We are showing more negative gamma below than positive gamma above today. Keep an eye on that negative gamma exposure as it can cause expansion and volatility to the downside today. Positive gamma still exists above today as well but it isn’t as significant. We will see how this one plays out. Markets rallied after some weakness in previous weeks. It’s natural to have a cool off period. We will see what today’s sell off looks like or if we can recover and rally. As always, We will see how gamma exposure materializes and that will determine my trade plan for the day. Once I get a live look at gamma with the market open I will put together my trade plan and share with all of my subscribers!

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Hope to see you inside!

-Caleb