$SPDR S&P 500 ETF Trust(SPY)$ Looking strong here, holding above key short-term moving averages and breaking the trendline. The MAG7 is starting to wake up again. $Invesco QQQ(QQQ)$ is a bit softer versus SPY, but still healthy and above its major averages. One thing to note: $Invesco QQQ(QQQ)$ took out its 6/26 low yesterday, so I'm watching for follow-through.
$Invesco QQQ(QQQ)$ The bear case for $SELLAS Life Sciences Group Inc.(SLS)$ keeps getting more interesting. First, the arguments were: - "GPS doesn't work" - "REGAL will fail before it finishes" - "They'll run out of cash" - "Dilution will destroy shareholders" - "80 events are coming any day now" Now we've reached the point where the new claim is: "They'll just fraud the data." It's a pattern where when old narratives fall apart, new ones get created. Meanwhile, the actual facts remain: - Phase 3 REGAL trial is still ongoing. - The IDMC cleared the trial to continue. - The final event threshold still hasn't been reached. - The FDA approved unlimited dosing. - An Expanded Access Program exists. Y
$SPDR S&P 500 ETF Trust(SPY)$ $Invesco QQQ(QQQ)$ It's been a while since we didn't see a significant gap up at the Monday open, turning into one of the most straightforward trades. Selling premium on Fridays has been close to a 100% win rate.
$iShares 20+ Year Treasury Bond ETF(TLT)$ $Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$ It's interesting to see the market when almost everyone seems bearish. Historically, the next two weeks have been the strongest period of the year. There are a lot of bears who think the market is about to collapse. When Warsh announces deregulation, it could be a significant move.
$Spdr S&P Biotech Etf(XBI)$ The monthly chart for XBI looks like a work of art. Filling that gap at $174.79 seemed impossible six months ago, but it feels more like an inevitability now. The tough part with biotech is the classic cycle: years of underperformance against the SPY, followed by parabolic gains that hit all at once. Market irrationality tends to overshoot in both directions. So I wouldn't be surprised if XBI breaks $180 at some point this year, especially with the persistently high short interest that could force some buying.
$Invesco QQQ(QQQ)$ The options chain for $SELLAS Life Sciences Group Inc.(SLS)$ looks unusual. The Jan '27 $20 calls are priced at $6.20, while the Jan '27 $30 calls are at $4.70. That's only a $1.50 premium for a strike that's $10 lower, which isn't typical for a standard options chain. It seems the market is assigning significant value to upside and pricing in substantial volatility on the longer-dated curve. This is alongside around 63 million shares sold short, elevated borrow fees, substantial call open interest, and a key biotech catalyst ahead. To me, this combination suggests something significant is being priced in. For those short, the setup could become costly if their thesis doesn't h
The US session handed Asia a clean bid — ES up 42 handles, with NQ carrying the load at +422. VIX backed off to 16.45, so the vol market is confirming the move rather than warning. That's the handoff. What Asia does with it in the first 30 minutes of their session will set the tone for the London approach. The options structure is the tell for the overnight session. SPY is at 746.77 with the call wall sitting at 750 — three points of clear air before that ceiling asserts itself. QQQ is already pressing 740, which is its call wall. Both products are running in negative gamma, meaning the dealer hedging dynamic amplifies moves in either direction — a fade here gets messy fast, and a push through 750 on SPY or 740 on QQQ requires real volume to sustain. Neither gamma flip is in immediate dang