To The Moon

66% gain within 90 mins taking both puts and calls after 1:30pm. Investors are coming off a positive session for the major averages Wednesday, with the S&P 500 notching a four-day win streak. Meanwhile, the tech-heavy Nasdaq Composite gained 0.54%.

⚠️ Trading tips: looking at SPY calls above 451.67 and puts below 450. For QQQ calls above 377.5 and puts below 376.37 on Thursday, also the final trading session in August. The strong recovery this week help both ETFs to trim their monthly losses between 1-2% respectively.

A fast & furious climb back to 450 pivot

Investors digested weaker-than-expected payrolls data and annual gross domestic product growth forecast that nevertheless suggested the Federal Reserve could soon be done hiking rates, boosting equities.

“If we think about the Fed, they’re looking at growth, they’re looking at jobs and inflation. And if all three are going in their direction, meaning in their favor, then you can make a case that the Fed is probably done with tightening,” Hightower’s Stephanie Link said on CNBC’s “Closing Bell” on Wednesday.

Low volume chops leading to long weekend

The tech sector once again led the recent resurgence, said fund manager Louis Navellier. The fund manager noted that “Magnificent Seven” mega techs rebounded nicely and the CBOE volatility index extended its slide seen since mid-month.

“Stocks are staging a very nice rebound off the August lows and give hope that the weak seasonality of late summer won’t be repeated in September,” said Navellier.

Traders are also awaiting July personal consumption expenditures data, an inflation gauge closely watched by the Fed. Economists polled by Dow Jones are expecting a year-over-year rise of 4.2% last month, up slightly from a 4.1% increase the previous month. Weekly jobless claims data will also be out Thursday morning.

Buy put

Buy put

Buy call

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