To The Moon

Investors awaited fresh economic data and comments from Fed officials as Treasury yields rebounded after last week's sharp decline, lifting major US equity indices. The Dow Jones snapped a 4-day losing streak while the S&P 500 notched a fresh record high.Options flows showed expectations for a 1% upside in SPY by June 28 expiry. QQQ was seen holding above 475 through June 21. IWM priced in a 3.4%-4.9% potential rally by June 28 expiry.Details:$S&P 500 ETF (SPY)$On Monday, SPY rose 0.8% to close at $547.1. In recent active trading, 19% of options activity was spread trades. Today's most popular SPY options trade was a put spread, with 489,884 contracts traded. Key flows included:Put Spread Strategy, total 90k contractsBuying

The US Federal Reserve kicked off its two-day policy meeting, with markets awaiting the rate decision outcome amid generally cautious sentiment.Options flows showed expectations for SPY to see limited downside below 4.8% by June 21 expiry. For QQQ, there was defensive put buying to hedge against potential outsized drawdowns. The Russell 2000 was expected to trade in a 191-209 range.Details:The S&P 500 ETF (SPY) saw open call interest decline 0.4% over the past 5 days. Open put contracts increased 1.1% over the same period.For call options, investors bought the most SPY 20240628 542.0 CALLs with a 542 strike, adding 6,799 contracts. This priced in around 1.5% further upside for SPY by June 28 expiration.For put options, the most sold were SPY 20240719 465.0 PUTs with a 465 strike, addin

The surprisingly strong US jobs report led traders to scale back expectations for Fed rate cuts this year. The US dollar index rallied and Treasury yields spiked higher.Options flows showed an increase in downside put hedging for SPY. For QQQ, there was greater divergence with expectations for further 1.5% upside through July but hedges building for a potential September pullback. Small-caps remained volatile with expectations for a 2.4% rally in IWM by July 17 expiry.Details: $SPDR S&P 500 ETF Trust(SPY)$ saw open call interest unchanged over the past 5 days. Open put contracts increased 6.0% over the same period.For call options, the most actively traded was the $SPY 20240610 535.0 C

Market confidence in an upcoming Fed rate cut increased after US data showed job openings declined in April, followed by the ADP jobs report showing May private payrolls rose far less than expected with prior figures also revised lower. Both reports indicated cooling in the US labor market.Options flows showed expectations for SPY to trade below 560 by the weekend close. QQQ was expected to stay between 460 and 470 through July 19 expiry. Small-caps remained volatile with expectations for a 2.9% rally in IWM by June 10.Details:The S&P 500 ETF (SPY) saw open call interest rise 0.4% over the past 5 days. Open put contracts increased 1.2% over the same period.For call options, investors sold the most $SPY 20240607 560.0 CALL$&nbs

Concerns over the health of the US economy intensified. Meanwhile, investors closely monitored key economic data releases this week for clues on the extent of an economic growth slowdown.Options flows showed expectations for SPY to see limited downside below 2% by late June. QQQ was expected to trade below 455 by June 21 expiry. Small-caps remained volatile with expectations for a 4.4% swing in either direction for the Russell 2000 through July.Details:The S&P 500 ETF (SPY) saw open call interest rise 2.4% over the past 5 days. Open put contracts increased 1.7% over the same period.For call options, investors bought the most $SPY 20240621 532.0 CALL$  with a 532 strike, adding 15,000 contracts. This implied around 1%

Earlier, the latest data showed that the pace of inflation in the United States was in line with expectations, which raised hopes for the Federal Reserve to cut interest rates.Options flows showed expectations for SPY to see limited downside below 1.5% by June 7 expiration. QQQ was expected to hold above 430 by June 21. For small-caps, the expectation was for the Russell 2000 to see a drawdown capped below 6.8% through September, with upside limited to 2.8%.Details:The S&P 500 ETF (SPY) saw open call interest rise 2.5% over the past 5 days. Open put contracts increased 0.6% over the same period.For call options, the most actively traded was the $SPY 20240731 580.0 CALL$  with a 580 strike, adding 37,000 contracts.For

Investors turned defensive as worries over the Fed's rate path timing and magnitude pushed Treasury yields higher, pressuring large-cap stocks.Options flows showed SPY at an inflection point, with either a 9.4% rally priced in by July expiry or a 5.6% drop expected by August. QQQ had at least 0.7% further upside priced in by June 14. For small-caps, upside appeared capped with expectations for IWM's rally staying below 5.1% by mid-June.Details:The S&P 500 ETF (SPY) saw open call interest rise 1.4% over the past 5 days. Open put contracts increased 1.2% over the same period.For call options, investors bought the most $SPY 20240719 580.0 CALL$  with a 580 strike, adding 46,000 contracts. This implies around 9.4% further

A sharp drop in US weekly initial jobless claims dented hopes for Fed rate cuts, offsetting the tech rally led by Nvidia and sending Boeing plunging over 7.5% as Treasury yields climbed.Options flows showed the S&P 500 topping out, with expectations for SPY to trade below 528 by June 14 expiration. QQQ was seen capped with less than 2% further upside priced in by May 31. For small-caps, the Russell 2000 topped out with IWM expected to stay below 214 by June 7.Details:The S&P 500 ETF (SPY) saw open call interest rise 4.3% over the past 5 days. Open put contracts increased 2.2% over the same period.For call options, investors sold the most $SPY 20240614 528.0 CALL$  with a 528 strike, adding 18,000 contracts. This i

Tech-heavy Nasdaq and S&P 500 pushed higher on the back of a blowout earnings report from Nvidia that boosted chip stocks and reinforced optimism around the AI boom.Options flows showed continued defensive put positioning in SPY to hedge for a 5% pullback by July 31 expiration. For QQQ, downside was seen limited to 5.6% by May 31. In small-caps, the Russell 2000 was pricing a 5% decline by July 19.Details:The $SPDR S&P 500 ETF Trust(SPY)$ saw open call interest rise 1.2% over the past 5 days. Open put contracts increased 1.3% over the same period.For call options, the most actively traded was the $SPY 20240523 540.0 CALL$  with a 540 strike, adding 12,000 contracts.For put

Investors awaited Nvidia's earnings report after the bell to see if the AI chip giant can sustain this year's stock market rally. The Federal Reserve's latest policy meeting minutes were also due for release later, with investors scanning for clues on the rate path ahead.Options flows revealed active trading in upside calls, pointing to a bullish view on the S&P 500 for May, though longer-dated put positioning continued building. QQQ still had around 2% further upside priced in, while small-caps saw expectations capping the Russell 2000's rally below 5.7% by June expiration.Details:The S&P 500 ETF (SPY) saw open call interest rise 0.6% over the past 5 days. Open put contracts increased 0.7% over the same period.For call options, investors bought the most