Today marks this month’s options expiration. Overnight news was relatively quiet. Between 9:45–10:00 AM, the initial readings for this month’s Services and Manufacturing PMI, Consumer Sentiment Index, and Existing Home Sales data from the previous month will be released.
Yesterday, the indices saw a sharp sell-off from recent highs, triggering a swift correction that crushed many call options. Pre-market, prices have mostly rebounded back to the levels where the drop began. Leading AI concept stocks, financial blue chips, and retail leaders that had surged previously all pulled back. Meanwhile, previously weaker names like AAPL, MSFT, and energy stocks helped support the index.
Intraday SPY Range:
• On the upside: testing the prior all-time high zone around $610–613
• On the downside: watch support near $607
Pre-market Movers:
• More gainers than losers overall.
• News broke that the DOJ will investigate healthcare spending, sending:
• UNH down -12%
• CVS -6%
• HUM -5%
• ELV -4%
• BKNG beat earnings expectations, up +4%
• RIVN issued a warning about slowing 2024 sales, down -9%
Options Strategy & Outlook:
Choppy market movements have caused the majority of both CALL and PUT options to expire worthless, helping reduce total delivery volume. We hold several expiring hedge and CALL contracts today—deep OTM ones will expire worthless automatically, while a few valuable ITM contracts will be closed intraday depending on price action. Watch the update feed for real-time decisions.
Key focus remains on the stocks highlighted yesterday. No change in critical levels—please refer to earlier guidance for detailed positioning.
More Information/Reports/Video/Analysis please contact us—info@the-currency-store.com. We offer fully customised content services tailored to you needs.
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