Individual names remain tricky, and it appears to be getting worse
Overall sweeper activity started mixed on Monday with buyers predominantly focused on $Apple(AAPL.US$, but activity started to pick up significantly as the indices bottomed and volatility began to roll over. No noticeable sector rotation out there on Monday aside from just more "defensive" positioning with a focus on Healthcare, Pharma, and utility plays.
Flow also included speculative action in a few weekly plays, $Apple(AAPL.US$, $Lam Research(LRCX.US$ a couple of standouts in that camp. Overall, there continues to be some solid activity in a handful of names but it still wouldn't surprise us one bit if there was aggressive rotation into something totally different today or in the coming days.
On the sentiment front
Flow also included speculative action in a few weekly plays, $Apple(AAPL.US$, $Lam Research(LRCX.US$ a couple of standouts in that camp. Overall, there continues to be some solid activity in a handful of names but it still wouldn't surprise us one bit if there was aggressive rotation into something totally different today or in the coming days.
On the sentiment front
Short-term sentiment inches up higher on Monday, drawing a bit closer to caution territory, but there is still room for further upside if they want it, on all indicators across the board.
Monday's early selling really didn't have a fair shot against Gamma and short-term sentiment, they continued to be the place to look for any long entries. Individual names remain tricky, and it appears to be getting worse, not better.
We have practically given up on trying to decipher where the money may be rotating next. For right now, just be aware of sector sentiment for risk-reward purposes but remaining nimble and sticking with the $S&P 500 Index(.SPX.US$ for squeezes continues to look like our best setup.
We likely have another day or so to try and take advantage of fades in the indices but as we get closer to Friday monthly expirations, the risk continues to build. It looks like we are likely going to run into upside exhaustion in the SPX as well this week. So let's see how gamma lines up and whether bulls pull away some of their hedges by mid-week, possibly opening the door for a little downside.
Notable bettings toward individual names
We have practically given up on trying to decipher where the money may be rotating next. For right now, just be aware of sector sentiment for risk-reward purposes but remaining nimble and sticking with the $S&P 500 Index(.SPX.US$ for squeezes continues to look like our best setup.
We likely have another day or so to try and take advantage of fades in the indices but as we get closer to Friday monthly expirations, the risk continues to build. It looks like we are likely going to run into upside exhaustion in the SPX as well this week. So let's see how gamma lines up and whether bulls pull away some of their hedges by mid-week, possibly opening the door for a little downside.
Notable bettings toward individual names
$Apple(AAPL.US$, $SPDR S&P 500 ETF(SPY.US$, $Seagen Inc$, $Scientific Games Corp$, $Centene(CNC.US$, $NextEra Energy(NEE.US$, $Vale SA(VALE.US$, $Confluent(CFLT.US$, $Goodyear Tire & Rubber(GT.US$, $Danaher(DHR.US$, $Adobe(ADBE.US$, $Salesforce(CRM.US$, $Tesla(TSLA.US$, $Advanced Micro Devices(AMD.US$, $NVIDIA(NVDA.US$, $AMC Entertainment(AMC.US$, $Virgin Galactic(SPCE.US$, $Moderna(MRNA.US$
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Helen Swart :
UFTWY : nice