Good morning!
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Futures are slightly higher this morning, with large-cap tech leading the way. This is a busy week on the economic front as we get CPI tomorrow and the FOMC rate decision on Wednesday. Stocks have been acting well into the week with the assumption of no surprises on the CPI front and a pause with the Fed priced in. Surspises on either front will be what traders are looking out for. On the earnings front, Oracle highlights the beginning of the week, reporting today after the close, with Adobe a highlight on Thursday.
SPY was higher by about 0.5% last week, inside an already small expected move. But the broad market ETF has been grinding higher, up 4.5% over the past 30 days, with IV having been crushed and the VIX now 14.7. Weekly IV in SPY is the highest we’ve seen in a few weeks, with this Friday’s SPY at the money vol around 15, compared to 11-12 next week. That’s pricing in the potential for moves on the CPI and FOMC this week. However, that is much lower IV into CPI/Fed week than we’ve seen in some time, with a 1.3% expected move for the week.
Pre-Market Movers:
- Infobird Company Ltd (IFBD) +71.92%
- Advanced Health Intelligence Ltd ADR (AHI) +26.61%
- Adv Micro Devices (AMD) +3.07%
- Chinook Therapeutics Inc (KDNY) +65.07%
- Xpeng Inc ADR (XPEV) +9.58%
- Forza X1 Inc (FRZA) -22.76%
- Sientra Inc (SIEN) -16.53%
- Apple Inc (AAPL) +0.43%
- Amazon.com Inc (AMZN) +0.76%
- Coinbase Global Inc Cl A (COIN) -1.71%
- Nvidia Corp (NVDA) +1.01%
- Oracle Corp (ORCL) +4.29%
- Blue Apron Holdings Inc (APRN) -10.06%
- Nasdaq Inc (NDAQ) -6.90%
- Alphabet Cl A (GOOGL) +0.67%
Today’s Earnings Highlights:
- Oracle Corporation (ORCL) Expected Move: 6.41%
Full list here: Options AI Earnings Calendar.
Economic Calendar:
- At 02:00 PM (EST) Monthly Budget Statement (May) Estimates: -236%, Prior: 176%
Options AI Scanner Highlights:
- Overbought (RSI): TSLA (86), SOFI (81), NFLX (76), ADBE (75), ORCL (74), ROKU (73)
- Oversold (RSI): CGC (6), TGT (20), TLRY (28), NKE (33), MRNA (39), MRK (43)
- High IV: VMW (+190%), BYND (+127%), ORCL (+122%), CVNA (+108%), KRE (+106%), PLTR (+101%), OPEN (+100%)
- Unusual Options Volume: FXI (+2291%), CVNA (+1114%), PTON (+954%), DOCU (+804%), ORCL (+643%), ADBE (+489%), UAL (+422%), TSLA (+413%), ROKU (+378%), BYND (+359%), COIN (+328%)
Full lists here: Options AI Free Tools.
Chart of the Day:
Oracle options are pricing about a 6% move for its earnings week.
That’s all for now. Have a great day!
The Options AI Team
Based upon publicly available information derived from option prices at the time of publishing. Intended for informational and educational purposes only and is not any form of recommendation of a particular security, strategy or to open a brokerage account. Options price data and past performance data should not be construed as being indicative of future results and do not guarantee future results or returns. Options involve risk, including exposing investors to potentially significant losses and are therefore not suitable for all investors. Option spreads involve additional risks that should be fully understood prior to investing. Securities trading is offered through Options AI Financial, LLC, member FINRA and SIPC.
