Published with permission from the options flow and sweep specialists at Sanglucci.com.
A sharp overnight session was met with the kind of dull that only the SPY can provide. Very little happened today as traders prepared for some heavy hitters to report earnings after the close. But despite the slow down, flow remained bullish as indexes clung to all time highs, if they weren’t busy pressing through them.
Smart money must have gone out last night because it was a dead morning for scanners. Around mid day things picked up, and then the late move back towards unchanged drew some more action off the sidelines. But overall, if you spent the day in the fetal position crying over Shia LaBeouf getting arrested again, you didn’t miss much.
With action sitting in such a tight range today, what little early flow there was kept itself close to the names floating into earnings over the next couple of days. Most notable today was FB, which saw smart money scoop up 5,200 April $140 calls for $3.30 a contract. That’s almost a $2 million bet.
The cruiseliners, which have been hot over the past couple of weeks, saw a huge shift in momentum today on the heels of RCL beating earnings. The stock would end up $8 higher on the day, and it took CCL up with it.
GS led the banks as smart money looks to “the squid” for growth under Trump. Times are changing.
Crude caught a big lift today as Trump continues to dismantle the EPA and support dirty jobs. Mike Rowe is about to see a major come back in his career.
Another day that’s going to go down as a null event with flow showing just how tepid smart money is with markets at highs and no Tax Plan announce. But without the spark to push prices lower, as we’ve seen things are going to just continue to grind higher.
And that’s all there really is today.
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