🚗What a Squeeze!

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Griff here with today’s Chart of the Day. What a Gamma Squeeze in SPX today! Mostly on McCarthy saying he thinks a debt ceiling deal by Sunday is doable. It could just be posturing, but it sparked a squeeze above resistance at the 4115 strike: [ Power Income Trader sold an SPX MAY17 4170/4175 call credit spread and captured 100% of the credit thanks to 4115 pinning the index into the close. Knowing where the largest open interest strikes are is very helpful when selling credit spreads. These strikes slow the market down and act as support and resistance. Let’s Go! [ [ - POWER INCOME TRADER SPY 2/6/4 May19 411/402/393 Put Butterfly closed for an 89% gain - WIN THE WEEK (OPTIONALITY): SILJ May19 10/11 & 11/12 call spreads closed for a 17% 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: A Giant VIX Trade The Option Pit VIX Traffic Light Is Yellow: Volatility is likely to move wildly. On Tuesday, the S&P 500 looked like it was going to have another super boring day… Then the last 15 minutes happened and the index closed right on the lows of the day. VIX closed near the highs of the day. On Wednesday morning, we get VIX expiration, then SPX on Friday. There are a lot of moving parts this week – we could see the SPX index break out But what caught my eye was a trade that went up. It was big and it was telling. [Here’s the trade and what I would do about it.]( - Mark Pit Report: GLD Breakdown The S&P 500 is essentially in the exact same spot it was last week at this time. Yet the market is not the same. On one hand, we have 6 stocks that seem like they may go up forever. On the other hand, we have the rest of the market that appears to have begun trading a bear market. Why? Inflation, recession, lack of a catalyst … you name it. In times like these traders and investors tend to turn to one product. I’m going to break it down and tell you what I think. [Click here for my analysis.]( - Mark Power Income: Indices Are Bubbling Into OpEx Index valuations are bubble worthy as we head into the VIX OpEx this morning and Equity OpEx on Friday. One picture will tell the overpriced story for the S&P 500 Index (Ticker: SPX) … The first yellow box in the chart below highlights the congressional debate in 2011 to resolve the debt crisis, while the economy – as measured by the Empire manufacturing survey – was trending lower. SPX dropped 20% from the beginning of May into August when an agreement was finally reached. [ Flash forward to today’s debt crisis … there’s a comparison to be made. [Today, I’ll lay out an excellent low risk/high reward trade over the next few weeks.]( - Griff Profits In Pumps: It’s FRANK Live! The day you’ve all been waiting for … It’s FRANK Live!! Finally, we have our man o’ world, our very own 007esque jack of all trades, Frank Gregory presenting his new trading strategy. You’ve heard of people that know a little bit about a lot of stuff. Well, Frank knows a lot about a lot of stuff. [He will be here tomorrow at 4 p.m. ET for his live event open to everyone.]( Frank is a very interesting guy, and I for one am so excited to see how he applies his worldly knowledge to the options trading world. I think you should be there, too. [Once you’ve secured your seat, I have a trade idea in Newmont Mining (Ticker: NEM).]( - Licia 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: Short squeeze: The forced short covering of short sellers in a security. This is a mechanical market trade where owners of the underlying force borrowers to return the shares. This usually results in much higher share prices for the short sellers forced to cover at a loss. [( 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. 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