Good Morning!

Yesterday was a wild day in the market. Despite the volatility, our data predicted nearly every move in the market before it happened yesterday!

Our data allows us to trade in all markets and have a good chance at being profitable.

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Whale Watching is a recurring segment where we highlight the most significant options flows from the previous day.

I’ve decided to highlight two contracts today. Let me preface by saying I do not have a position in either contract and do not plan to have a position in either contract. However, what these contracts show on the surface is important to note. These are bearish contracts on JP Morgan and Bank of America. Weakness in banking stocks are often an early signal of a stressed economy and stressed market. Notice these contracts are dated for mid September. I wanted to share just to point out the potential downward move in banks which often indicates weakness all around.

Ultimately, these are just contracts. It doesn’t mean banks will trade down but it’s definitely interesting. These are not names I see too much interesting options data on so I thought It was worth pointing out.

We continue to operate in a negative gamma environment with SPY. Negative gamma increases volatility and expansion of already directional moves. As you probably noticed yesterday, SPY covered a lot of ground. Today has the potential to be similar. I can’t help but notice that the largest exposure of the day is positioned all the way down at $720 for SPY. That’s definitely interesting to note. We almost traded down to 720 yesterday before we bounced hard at 722 and rose all the way back to 737 intra day. That’s a negative gamma environment for you!

Be prepared for movement. Negative gamma moves fast. If you trade, take profits when you’ve got them. They can disappear fast in a negative gamma environment.

Thanks again for reading today’s edition of OPG Order Flow.

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