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Good morning!
Stocks finished lower last week, with the SPY down about 1%, just slightly more than with options were pricing for the holiday-shortened week. The bigger story for options was that implied vol did begin to pick up a bit. The VIX finished the week at about 15.50. That’s up from the multi-year lows in the VIX the last week fo June that saw the index below 13. SPY weekly vol also saw a pick-up with the weeklies now 11-12 vol, up from 9-10 we saw with vol at its lows. Coming out of the holiday things stay interesting with economic data while earnings make a return to the scene. On the economic data front, things are a bit quiet the first two days of the week with a few FOMC member speeches on the docket. On Wednesday things pick up with the CPI release, followed on Thursday by the PPI, giving us a good update on inflation. Then on Friday we get a check on the consumer with the UoM consumer sentiment number. Also on Thursday into Friday the story quickly shifts to earnings as a couple of big reports kick off the new season. On Thursday we hear from Pepsi and Delta Airlines, but that’s just the warm-up to Friday morning with reports from JPMorgan, Citi, Wells Fargo, Blackrock and more. Earnings announcements will come in fast and furious over the next several weeks.
- Today’s SPY expected move (0DTE): 0.4%
- Today’s QQQ expected move (0DTE): 0.6%
Pre-Market Movers:
- Mobilicom Limited ADR (MOB) +74.00%
- Rivian Automotive Inc Cl A (RIVN) +3.44%
- Nanobiotix S.A. ADR (NBTX) +46.91%
- Alpine 4 Holdings Inc Cl A (ALPP) +25.00%
- Apple Inc (AAPL) -0.26%
- Alibaba Group Holding ADR (BABA) -0.06%
- Amazon.com Inc (AMZN) +0.02%
- Microsoft Corp (MSFT) -0.69%
- Alphabet Cl A (GOOGL) -0.49%
- Chindata Group Holdings Ltd ADR (CD) +12.57%
Today’s Earnings Highlights:
- Helen of Troy Limited (HELE) Expected Move: 10.50%
- WD-40 Company (WDFC) Expected Move: 6.90%
- Saratoga Investment Corp. (SAR) Expected Move: 11.54%
- Full list here: Options AI Earnings Calendar
Economic Calendar:
- At 11:00 AM (EST) Fed Mester Speech Impact: Medium
- At 11:00 AM (EST) Fed Daly Speech Impact: Medium
Scanner Highlights:
- Overbought (RSI): RIVN (85), LUV (83), HUT (80), SAVE (79), DAL (78), AAL (76), RIOT (75), MARA (74)
- Oversold (RSI): AZN (29), PFE (31), AAP (34), GILD (35), NKE (35), FL (36), ETSY (37), DOCU (38)
- High IV: VMW (+197%), BYND (+149%), SAVE (+144%), RIVN (+137%)
- Unusual Options Volume: RIVN (+726%), SLB (+654%), RIOT (+636%), BABA (+539%), HAL (+530%), CVNA (+523%), PENN (+487%), DDOG (+478%)
Full lists here: Options AI Free Tools.
Chart of the Day:
Wells Fargo options are pricing a 3.2% move for the week. They report Friday morning.
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.
