🚗SPX Gets a Bond Bounce

[] [The daily rundown of everything happening at Option Pit.]( [.]( MARK-et Open Hey OP Crew, Griff here with your Chart of the Day. As expected we did get a bounce today in SPX but it came from lower levels as the US 10-year note spike above 5% overnight: [ How bonds trade from here is hugely important. There’s a chance the Treasury may be defending the 5% area … Yellen has plenty of firepower. Notice also, the US Dollar and oil prices also traded lower. Lower oil, US dollar, and US Bond yields are needed for a larger Stock rally. The next three days, the Treasury is issuing $141 billion in bond supply, so that will test the bond market. Stay tuned! Let’s Go! [ Trader's Edge: Class Recap and Earnings Season Stocks Today we’ll do a quick review of the class we had on Saturday and I’ll share a few thoughts from the conference. We’re gonna be looking at major levels in the SPX, talk about the VIX and we’ll look at a couple of stocks I’m watching closely as we head into earnings season. [Click here to watch today's video.]( - Mark [( Power Income: The Roadmap to Profits This Week Last week the Powell quote that blew me away was “It’s possible we are going into a more inflationary period, but it’s hard to know.” That was only topped by Yellen with her response to a question posed by SKY news on whether the US can afford another war at this time … Yellen responded with: “Absolutely, America can certainly afford to stand with Israel … and also Ukraine” Well, no wonder bond markets are teetering on capitulation … Both the Fed chair and head of the US Treasury are making assurances that the US is losing control of inflation. For traders their statements assure US of trading profits … [Let’s take a look at the opportunity to watch for this week.]( - Griff AG's Views: Six Months Ago, MSFT Released Earnings … From the desk of Option Pit Director of Education Andrew Giovinazzi And it was the beginning of the Summer of Love of all things AI. I sit here and am holding several positions where my SPY put spreads are just starting to make money. This morning they were on their way to making real money when the stock market reversed course. The reason is that things are not getting worse and could get better after Microsoft (Ticker: MSFT) reports. In May, during our OP Conference, MSFT and Apple (Ticker: AAPL) reported and the market loved it. It loved Nvidia Corp (Ticker: NVDA) even more but the big tech rally caught fire. Besides rates on the 10 year higher by 100 basis points and the Middle East a mini powder keg the conditions are relatively the same. The SPX was below $4100 and SPX is just above $4200 now. [ Don’t be surprised if the lows were set this morning for SPX, especially if MSFT has decent earnings. More on this in the OP Newsletter. - 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: Meme stocks: Typically stocks that are popular among Reddit and Robinhood users, called that because millennial traders often make memes about stocks they’re trading. [( 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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