🚗QQQs Breach the Call Wall

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Griff here with the Chart of the Day. There’s an interesting setup for the Invesco QQQ Trust ETF (Ticker: QQQ) after the Nvidia Corp (Ticker: NVDA) earnings announcement. Similar to last week for the S&P 500 ETF (Ticker: SPY), the QQQs breached its Call Wall today. The Call Wall is the largest net gamma strike, and it’s called the wall for a reason. When breached 1 day and 5 days later the stock is lower, and the 5-day result has a long left tail – meaning it could go down a lot. Here is a visual of the QQQs put and call impact on QQQ: [ There’s not much open interest beyond the call wall at $340, which means, unless investors are willing to roll calls further out, the QQQs settle into consolidation or even correct lower. Consider a one week 1/3/2 put fly. I executed one last week on SPY and closed it today for a 100%+ return. It’s a high probability trade and with interest rates rising, the euphoria for tech should settle back down a bit. Let’s Go! [ [ - BIG MONEY FLOW: BKR Jun16 28 calls closed for a 43% gain - BIG MONEY FLOW: PLTR Jul21 12 calls closed for a 56% gain - POWER INCOME TRADER: SPY 2/6/4 Jun02 411/402/392 put butterfly closed for a 107% gain Want to find YOUR winning fit? Give our Customer Care Team a call at 1-888-8772-3301 Monday-Friday from 9 a.m.-5 p.m. EST. Or email them anytime at [support@optionpit.com](mailto:support@optionpit.com?subject=) VIX Edge: Navigating This Market The Option Pit VIX Traffic Light Is Yellow: Volatility is likely to move wildly. The S&P 500 is down 2 days in a row closing the day down 30. The VIX has really woken up, closing on Wednesday at 20.11. It’s only done this once, for one day, since March 28th. With Nvidia Corp (Ticker: NVDA) reporting earnings on Wednesday night and a debt ceiling heading our way, there are a lot of balls in the air. [Here’s how to navigate this market and make money.]( - Mark Pit Report: CBOE Breakdown If you’re an options trader, there are a few names you‘re watching. You’re watching the VIX. You’re watching the SPX and SPX 0DTE options You’re probably watching equity options on the big 6 companies: AAPL, MSFT, GOOGL, META, AMZN, and NVDA. This week, I’m going to be looking at a stock that is affected by all of the things Options Traders care about … [Click here for my analysis.]( - Mark AG's Views: Party Like It's 1999 From the desk of Option Pit Director of Education Andrew Giovinazzi I’m old enough to remember the Dotcom boom. Every company had a .com at the end of their name. Amazon.com (Ticker: AMZN) is the granddaddy of them all, still chugging away with a trillion dollar market cap. My boss at Group One Ltd shorted AMZN at $200 around 1997, only to watch it go to $450 on 2 stock splits in 2000 and back to $18 by 2002. He ended up making money on that short, but it was a 5 year hold. This AI party could last for a while. Mostly what happened in the 2000’s was Web2.0 as company productivity skyrocketed. That same thing could happen again, but a few stocks will pay early and many stocks will participate later. Nvidia Corp (Ticker: NVDA) is the stock right now and diagonal call spreads might be the way to play it. I posted a couple of ideas in the [Trading Desk]( today. - AG OPTION PIT GLOSSARY [( There are plenty of terms in the trading world that need defining. The [Option Pit Glossary]( is here to help. Today's phrase is: Call option: A contract that gives the buyer the right – not the obligation – to buy an underlying security for a length of time (before expiration) at a given price (the strike). Usually the contract size is for 100 shares of the underlying. [( DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. The materials presented from Option Pit LLC are for your informational and educational purposes only. 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