Aug 4 Market Commentary
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Overnight markets are mixed to green with Asia 3/6 red and EU all green while SPY is up 2.5pts in pre-market action. PLTR beat on earnings and is up +15% post result while ‘talks about talks’ with intermediaries are happening with Qatar over the US/Iran conflict, thus bringing USO down to 119, its lowest level since Jul 13. SPY is at our 760 bull target and blanketed by positive gamma, so buying dips/selling rips is the play. Notably SPY vol is low so we recommend avoiding selling vol at the index level. The action will continue to be in single stocks now that SPY sits near a big strike in 760.
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