HEY LOOK, I FOUND THE SPEED

This week we wanted to look for speed, no?

Two attempts made this week to sell, and yet the market was slowly walked lower. I was thrown off at first as to why we opened flat yesterday morning, but now its become pretty obvious.

Speed should serve as a testament to where the pressure lies.

I think we’re done for the day here, all systems go.

OA

Suppose for a moment you are a fund manager.

Are you starting to perspire? You’re already behind the SPY YTD and you didn’t buy as much as you should’ve in September.

Uh-oh, we’re halfway through October, and heading into a fairly bullish time of the year.

What’s your play? You can’t hide anymore. The higher this thing goes, the more screwed you are.

This is about to go nucular. $JUNO leading the way.

I added to $UWTI fwiw.

More later,

OA

All eyes on crude here. This could really ignite the day. I’m going to buy another leg of $UWTI here if we start to see a move out of this wedge.

More later,

OA

I was a day early on my pain trade call.

My original call from the weekend is that this week we’d work off overbought conditions by consolidating. Til this point, the consolidation seemed a little weak. We needed to see a gap up to see how the market would react.

I like energy names here on the day if crude finds a bid. Top pick: $OAS.

Other than that, I am tempted to take on some longer dated $LULU calls. I’ve been trying to do less this week as the market goes nowhere, but these two ideas I like at these spots.

More later,

OA

If you played $NFLX into earnings with long calls or long puts…or even worse…a straddle or strangle (SHLONG) you are getting kicked down a flight of stairs here in After Hours trade.

For future reference, avoid buying any options with option premiums priced like a stock going into an FDA announcement. Unless you felt $NFLX was getting Phase 3 approval for their Netflix and Chill pill.

Even if this stock moved in your favor, you’d still lose money tomorrow.

Back later tonight,

OA