June Arrives
2 earnings previews, 3 stocks to watch + SPY pivots
Good Morning Substack,
Earnings to Watch
Unusual OTM gamma exposure at 550, 600+
ULTA net gamma via SigmaTerminal
Unusual OTM bullish positioning at 150
Bearish targets below look towards 115
LULU net gamma via SigmaTerminal
Stocks to Watch
HIMS 0.00%↑
HIMS spent most of last week’s trading around a key pivot found around $25.5 before ultimately closing the week above it.
Some participants from Friday’s session could be seen below positioning in new, potentially bullish, HIMS opening orders across multiple different expirations.
Short Term HIMS 06/05/26 29c (this week’s expiration)
Mid-term HIMS 09/18/26 34c
A recent trend of descending highs has put an end to recent HIMS rallies, and the above 6/5/26 29c is looking for another test of that same trend line in the coming week.
Although recent trade has not shown the ability to hold above $25.5, a look back to December 2024-January 2025 and April 2025 shows the potential significance of HIMS holding above the pivot for ensuing price action.
If history is a good indicator, HIMS offers a potential clear entry that, when respected, has historically resulted in upside. Should price action not correlate, traders can exercise their option to cut their losses if dips below the pivot are not protected.
HIMS Pivots
HIMS pivots 6/1
