The Orbit

So all that for nothing?

September 29, 2023

Hello!

And just like that, we’re back to unchanged on the week. With futures pointing toward a higher open, the bounce in the market that began Wednesday has held into Friday morning and both the SPY and the VIX are about unchanged on the week.

SPY is now down about 6% from its highs. QQQ is about 7% from its highs. The big mover of the morning is Blue Apron, up 134% after being acquired by Wonder Group. Nike NKE is higher by 10% following earnings. Options had only priced about a 5% move, but now 3 out of the past 5 earnings Nike had moved at least 10%.

Pre-Market Movers:

Economic Calendar:

At 08:30 AM (EST) Core PCE Price Index YoY (Aug) Estimates: 3.9, Prior: 4.2
At 08:30 AM (EST) Core PCE Price Index MoM (Aug) Estimates: 0.2, Prior: 0.2
At 10:00 AM (EST) Michigan Consumer Sentiment (Sep) Estimates: 67.7, Prior: 69.5

Options AI Scanner Highlights:

Overbought (RSI): SPLK (85), HZNP (81), BTU (70), USO (67)
Oversold (RSI): DG (18), BA (19), NKE (20), HTZ (21)
High IV: WKHS (+281%), IBM (+132%), BB (+130%), TLRY (+130%), KO (+125%), PEP (+125%)
Unusual Options Volume: KMX (+1004%), PTON (+709%), NKE (+599%), COST (+419%), CCL (+416%), AZN (+398%), ONON (+267%), BUD (+266%)

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.