BY ANDREW GIOVINAZZI
February 9, 2024
Yo Pit Crazies,
Check out our Summer Event in Chicago. Live trading, floor tours and all day option immersion. Oh and food and Mark buys us steak. And Portillos! All with a simple goal, pay for the trip with the option trades we make during the week.
The only way the broader market, S&P 500 Index (Ticker: SPX) that is, would pay is with positive theta trades over the last two days. I am working on a small win in OP Mentoring that could be a big win if we pin 5000. And we just might do that.
There are reasons I think we are stuck:
DJT case before the Supreme Court
CPI number on Tuesday
Lowest Sigma IVs in 2024
5 day chart for SPX with 1 day candles
You think the Trump case at SCOTUS does not affect the market?
You will change your mind when you see this.
Volatility prices all known events
I am surprised the volatility traders are ignoring the CPI number. I will be adding long gamma trades on Monday. The inflation sensitive numbers have moved SPX 100 points or more in a 2 day span for the last year. Traders are sitting on a benign reading of the CPI. It very well could be but that would take the gloves off the market on the upside. 2 week lows are two week lows in volatility.
20 Day Sigmas pushing to recent lows
To Your Trading Success,
-AG
Andrew Giovinazzi
30-Year Trading Pro
See what's hot at option pit
CAPITOL GAINS: SMR Aug16 7 call closed for a 150% gain
DELTA STRIKE: VLY Mar15 8 puts closed for a 88% gain
PFE May17 26 calls closed for a 66% win
OP MENTORING: SPY Mar22/19 510 put calendars and 520 calls for 6.4% gain
OPTION SHOPPER: ERX Mar28 65 calls closed for a 90% gain