🚗Eyes on AI

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Griff here with the Chart of the Day. My thought coming into this week was that the post-Jun16 OpEx correction would reach its target and the FOMO rally would then continue. I still think that is the likely scenario as SPX nears the 4300 level. A stock to keep an eye on is C3.ai Inc (Ticker: AI), which is nearing a .618 retracement of its $17 - 49 rally since early May. I like buying a 34/36 call spread for $.50 or below this week for a rally back up to $37. [ Honestly, I believe the banks are attempting to get traders nice and bearish right before they squeeze the market higher. Let’s Go! [ [ - TRADING DESK: SPY, VIX, VXX 6/16,6/21,6/23,7/21 426/432 strangle, 436 call, 15 put, 26 put closed for a 22% 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: Something Amazing Happened Friday The Option Pit VIX Traffic Light Is Red: Volatility is likely to slide. On Friday, one of the best things in the volatility space happened. It normally happens about once a year. And when it does it can set up a string of profitable trades. It's an opportunity I have been waiting on for months … and on Friday it finally happened. Today, I am going to be taking advantage of this opportunity. If you are not aware of what happened, you need to read this because I’m going to lay it out and tell you what you should do about it. [Click here to read on.]( - Mark Power Income: Buy Oil Stocks This Week A good measure of the supply/demand dynamics for oil can be found in the US Oil Rig count data. The amount of active oil rigs peaked in 2022 and so far in 2023 it has been trending lower. This metric is a good forward looking indicator of oil production and when you consider three factors: - The US Oil Rig Count - The level of strategic petroleum reserves (SPR) in the US - OPEC production cuts We can also include the fact that the number of drilled but uncompleted rigs is at an 8-year low. Next, we also expect the US to begin refilling its depleted SPR this summer so that there will be another approximately 12 million barrels of sales taken off the market. The probabilities favor a bottoming in the price of oil. [Today, I’ll share an oil producer that you should trade.]( - Griff 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: Calendar spread: An option spread where the trader buys an option in one expiration series, and sells another option in another expiration series at the same strike price. A long calendar spread is when the trader buys to open the back-month options and sells to open the front-month options. A short calendar spread is when the trader buys to open the front-month and sells to open the back-month options. [( 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. 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