Dear trader,

The Qs did something Thursday they haven’t done since April, and it took them one month to erase everything they’d built since then. I’ve seen this kind of damage once before. You have to go back more than a decade to find it, and how that one ended is why I spent Friday pulling up an old chart.

Then there’s what the Mine turned up. Roughly 70 million option contracts traded Friday, and my software handed me 276 worth a look. A handful of them in NVIDIA caught my eye, and they line up with what I’m seeing in SpaceX and Palantir.

I watch for one specific thing in the put market before I get anywhere near a bottom. The NVIDIA activity tells me where we stand on that, and it changes what I’m willing to put on next week.

Watch the whole water cooler below.

Your only option,

Mark Sebastian