🚗Take a Bite of the Big AAPL

[] [The daily rundown of everything happening at Option Pit.]( [( MARK-et Open Hey OP Crew, Griff here with the Chart of the Day. It may be time to short the Big Apple. The Morningstar fair value premium is being paid over fair value hit 26% today and it failed to get above the call wall: [ This week’s push in the tech space is all about active managers locking in strong Q2 closes. Just wait until Q3 begins next week – I think we’ll see a rotation out of tech into value. Consider a bear spread in AAPL and Bull Spread in SPDR DJIA ETF (Ticker: DIA) … That is an excellent proxy for the coming rotation out of Tech (growth) and into Value. Let’s Go! - Griff [ - MAKE THE CALL: CMI Jul21 230/240/250 call butterfly closed for a 55% gain - POWER INCOME TRADER: SPY Jun30 437/430/423 put butterfly closed for a 106% 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=) Pit Report: DKNG Breakdown I love sports talk radio. When I lived in Chicago I listened to 670 the Score constantly (when the Cubs or Bears weren’t playing). Heck, I still watch a lot of Score content on Youtube from here in Austin, Texas. Now that I live in Austin, I listen to 104.9 the Horn … there isn’t a single team I like that is covered by that station, but I just love sports talk. In the time since I moved from Chicago to where we are now, there’s been a big shift, though. Gambling – it’s the commercials, sponsored segments, the hosts talk about it and give their opinions. Sports gambling is blowing up, but what about the actual companies that engage in it? With the meteoric rise in gambling on sports, are the future returns already baked in? Or is there upside? [Let's break down one of the biggest names in the business.]( - Mark Power Income: The Banks Did It Again! Sometimes, a market narrative can impact sentiment to such an extreme that the probabilities of a pain trade, one that goes against the majority, is very high. The market narrative this week focuses on quarter-end selling of stocks and option dealers selling due to the JPMorgan Chase (Ticker: JPM) equity fund 40k+ contract short call position at the SPX 4320 strike. The assumption that a pullback to the 4300 - 4320 was so widespread that Tuesday’s positive 10am consumer confidence number triggered a massive squeeze higher in the indices. We may see similar squeezes for the foreseeable future as false narratives created by banks meant to get traders off sides continue. [Today, we’ll dive into the anatomy of a squeeze and how to get on the right side of them.](- Griff Profits In Pumps: Nice Rally Nice rally yesterday. I think folks were surprised by the move. The S&P 500 was up $49.59 which is a recovery of 41% of the sell off that began on June 16th. The Invesco QQQ Trust (Ticker: QQQ) also came back 40% trading up $6.15, while the Russell 2000 Index (Ticker: RUT) retraced just under 28% up $2.61. Where do we go from here? Check out my pitchfork on the SPDR S&P 500 (Ticker: SPY): [ It has bounced off my old resistance/new support level at $431. [Continue here to see where to next and how to play it.]( - Licia AG's Views: Back to the 4th of July From the desk of Option Pit Director of Education Andrew Giovinazzi Traders are voting with their feet as a potential 4 day weekend has got market makers taking the IV down prior to the holiday. Jul03 cycle IV is weekend adjusted down to a 9.56% IV. [ What that means is the SPX Jul03 straddle is less than 1% of the value of the index. A GOOD CHUNK OF TIME DECAY IS OUT ALREADY. If we get a window dressing rally to 4400, that makes a nice purchase. I would go 4375 call 4350 put for less than $28. - 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: Cash-secured puts: A sell-to-open short put where all the margin necessary is in the account to buy the stock at the strike price. [( 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. 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