🚗SPX Had An Interesting Day

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Griff here with the Chart of the Day. Today was an interesting day in SPX options. The tail was not wagging the dog. There was more buying of calls than puts on a day the SPX was down over .70%: [ This tells you investors are liquidating stock, which makes sense since most global stock markets are down significantly this week. A shifted lower in the key gamma strikes this week, combined with weakening global markets signals potential for an acceleration to the downside. Watch for a breakdown below 4100 to add to bear strategies – that could lead to a quick fall towards 4000. Let’s Go! [ FIRST TIMER: Make the Call Makes Debut Frank Gregory hosted his debut [Make the Call]( live session this afternoon. Members walked away with a pair of trades – one in clean energy … and one in dirty energy. Of special note is the EV battery play that Frank … - Likes in the short-term - HATES in the medium-term - And loooves in the long-term That last one probably has something to do with the fact that the battery market is projected to go from $45 billion in 2022 to a cool $90 billion by 2029. Bill Griffo also chimed in with support for this battery player, but if you’re not a Make the Call member, then … [ But it’s not too late! Originally, I planned to close Make the Call founding access this afternoon … [But now I’m keeping it open until midnight tonight.]( Don’t waste this opportunity! - Mark [ - EASY BUTTON: PLTR Jun16/Jun02 10 call calendar, 11 calls closed for a 42% gain - OP MENTORING: VIX, SPY Jun09/Jun21 20 puts, 412/400 put vertical spread closed for a 15% 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=) Power Income: China Bond Defaults Hit Global Equities The tailwind behind the global equity rally may have run out of steam. Local governments in China are tightening their oversight of developers' pre-sales process, according to Bloomberg. The Bloomberg article noted that the high yield property dollar bond market will witness another $10.1 billion of defaults this year. This is another hit to financial conditions while the debt ceiling negotiations have stalled. But the real damage is the potential impact the China defaults and renewed slowdown will have on the global economy. [Today, we’ll take a look at the impact on the markets and what may cause a meltdown from here.]( - Griff Profits In Pumps: What’s Your Favorite Drink? What’s your favorite drink? Or should I say cocktail? My go-to is the skinny marg. Although, I always like to try something new if it’s a restaurant that has a great cocktail menu. Something not too sweet, usually with tequila or vodka. Gin still scares me. It literally sneaks up on you. Whiskey or scotch … not a fan. So, the best at home low calorie drink is what they call ranch water here in Texas. We’ve been making them at home up north forever and didn’t realize they actually had a name. It’s basically your favorite tequila (reposado is the best, I think) and soda or here in Texas we use Topo Chico (in the glass bottle) and lots of lime on ice in a tall glass. [ Making me thirsty. Send me your favorite drink. [On to the trade idea.]( - Licia AG's Views: FOMC Has Zippo Effect on Markets From the desk of Option Pit Director of Education Andrew Giovinazzi The Fed Minutes didn’t really change the game today. To me, that means after a year of hanging on every Fed governor's word, traders don’t care anymore. They will care once they start to lower rates, but that’s not happening for the foreseeable future. [ VIX is pumped because the Debt Ceiling is getting all of the oxygen in the room. At least for now, the Fed’s hands are tied. Off to Nvidia Corp (Ticker: NVDA) Earnings for the Trifecta news week. I think the NVDA May26 straddle is underpriced for the earnings, but I could be wrong. Back to the Debt Ceiling watch as the last leg for vol falls out of the market. - 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: Expiration: The date in which the options contract expires. Standard options typically expire at the market close on Fridays, but settle on Saturdays. Weekly contracts typically expire and settle the same day. [( DISCLAIMER: FOR EDUCATIONAL AND INFORMATION PURPOSES ONLY; NOT INVESTMENT ADVICE. 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