Good Morning!

Yesterday, gamma flipped on SPY and started building massively above in real time. My tech stack alerted me to what was going on and we pounced on SPY calls and had a great trade!

I went small on this one as it happened pretty late in the day and I knew I’d be carrying overnight but it paid off!

This whale triggered my favorite alert which is the “Urgent Repeater” alert. In a quick scan, I couldn’t pass this one up myself as the gamma structure and flow just looked too good to not trade. I am up 100% on this one right now. This is still an open contract for me so I do want to disclose that.

We’ve got another “urgent repeater” that was triggered this morning. CRWD looks interesting for sure with this current flow. Whales are loading up betting on downside with CRWD and they are doing it aggressively with sweep orders and hitting the ask or even above ask to get filled. This one deserves a closer look for sure!

SPY continues to operate in pockets of positive gamma right now. What I am watching for is significant gamma build up in either direction to give me an idea of where the market is wanting to go. Often times, seeing gamma building up massive walls is a preliminary indicator of the direction dealers are taking markets. That’s what I will be sitting back and watching today.

With the positive gamma we are in right now I expect it to be a bit of a chop and minor back and forth. I have no trades to give as of now as we are purely in a “wait and see” mode. I realize that isn’t incredibly helpful to you and that’s why I am working hard to have live alerts up to you by late next week.

Happy Friday & Happy Trading!

-Caleb Gregory