🚗Has The Melt-Up Begun?

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Griff here with the Chart of the Day. Has the melt-up begun? I say yes. Because on a day we received bad news across the board on economic and inflation data … stocks screamed higher. Although they missed on earnings and revenues, META mentioned AI 57 times on the earnings call. And “AI” is the magic word these days. However, S&P 500 ETF (Ticker: SPY) wins ticker of the day … [ SPY could not be stopped. It took out all three gamma resistance strikes, which means we are now back to a positive gamma, decreasing volatility regime. Hedge funds are holding record net shorts in S&P 500 futures, and there’s $5 trillion sitting in money market funds … Once we get past the Fed, we may be in for a major FOMO rally. Let’s Go! [ [ - OP MENTORING: SPY, VXX May05 414/404/394 put butterfly, 39.5/36 put spread closed for a 13% gain - OPTION SHOPPER: KO May05 64 puts closed for a 50% 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: Big Questions The Option Pit VIX Traffic Light Is Yellow: Volatility is likely to move wildly. Wednesday went from potentially down big, to potentially up big, to potentially down big … to down 15 points. The ride was something to behold and could drive a trader crazy. The VIX had a huge range, bottoming at 17.87 and topping at 19.42. Which brings me to the main point of my post today … How do you manage a VIX position in this market? What do you do if you are short? What if you are long? [Here is your answer…and how to trade it going forward.]( - Mark Pit Report: TGT Chart Analysis I was never really a Target (Ticker: TGT) shopper. It just wasn’t very convenient in Chicago. I do know a lot of people who love it. My sister-in-law just came in the other day with a new bathing suit when she went there for paper towels. But in the context of options trading … would I be a TGT shopper? The charts tell all! [Click here for my full chart analysis.]( - Licia AG's Views: Massive Contango Into The Fed From the desk of Option Pit Director of Education Andrew Giovinazzi VIX is diving into near 16 handle as Microsoft Corp (Ticker: MSFT) and Meta Inc (Ticker: META) earnings produce the new rush to MAGA stocks. A little funny from me there now that Facebook is Meta and Netflix Inc (Ticker: NFLX). Right now that’s all the upside action, but it is enough to make SPX jump. [ Contango jumps when VIX cash dives but the back month IV does not drop. Still waiting on the Fed May 03 but the current curve says 25 BPS is a lock. VIX puts are still relatively very cheap. - 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: Contango: When the back-month futures are higher than the spot and near-month futures. [( 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. Neither Option Pit LLC nor its employees offer investment, legal or tax advice of any kind, and the analysis displayed with various tools does not constitute investment, legal or tax advice and should not be interpreted as such. Using the data and analysis contained in the materials for reasons other than the informational and educational purposes intended is at the user’s own risk. DISCLAIMER: OPTION PIT LLC IS NOT AN INVESTMENT ADVISOR OR REGISTERED BROKER. Option Pit LLC is not responsible for any losses that may occur from transactions effected based upon information or analysis contained in the presented materials. Specific trading ideas or strategies discussed in the presentations or materials are entirely illustrative and do not constitute the solicitation of a transaction (or transactions) or a recommendation to execute a particular transaction or implement a particular trading strategy. DISCLAIMER: TRADE AT YOUR OWN RISK; TRADING INVOLVES RISK OF LOSS; SEEK PROFESSIONAL ADVICE. To the extent that you make use of the concepts with the presentation material, you are solely responsible for the applicable trading or investment decision. Trading activity, including options transactions, can involve the risk of loss, so use caution when entering any option transaction. You trade at your own risk, and it is recommended you consult with a financial advisor for investment, legal or tax advice relating to options transactions. This email was sent by support@optionpit.com to {EMAIL} Click here to unsubscribe | [Manage Preference]( Daily Newsletters ex. Vix Edge, Pit Report, Profit in Pumps, Power Moves, Power Income, etc. Option Pit | 190 S LaSalle Suite 3000 Chicago, IL 60603