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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%
- 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
- At 11:00 AM (EST) Fed Mester Speech Impact: Medium
- At 11:00 AM (EST) Fed Daly Speech Impact: Medium
- 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
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