May's Finale
2 Stocks to Watch, SNOW/COST earnings previews, SPY pivots & more
Good Morning Substack,
Earnings Continue
Unusual OTM positive gamma exposure >180
Targets 185, 200
Should earnings react poorly, look for a potential floor at 155. SNOW must hold >150-155, otherwise it will become susceptible to further weakness below
Previous rejections in this area have opened the door to at least 10 points of further downside, with it oftentimes leading to 20-30 point downturns
SNOW net gamma via SigmaTerminal
COST pulled straight back after testing just below 1100 last week, giving back over 70 points
COST earnings pivots
Short <1025, 1020
Targets 1015, 1000
Long >1040
Targets 1055, 1070
Continued strength >1070 targets last week’s rejection, then new ATH at 1100
Stocks to Watch
CVNA 0.00%↑
During Friday’s trade, CVNA saw unusual option activity throughout the duration of the session.
