Monday's bid has been sold into and markets making lower low's. Yields still pushing higher and FED mentioned they are keeping current tools in place with no additional to be added. Some ETF's and high flying WFH stocks are seeing notable outflows and in shorter-term technical bear market area. Sector rotation play still strong and value areas holding well. Growth area out flows and many earnings posting beats but profit taking proceeding.
Fundamental Analysis
MRVL reported inline EPS of 0.29 and best REV 798M vs. 786M. Most of the other companies in the same industry that have reported posted more notable beats. The global chip shortage will also be affecting the growth of the company. The company also widened future guidance which shows uncertainty on top of the known slowing of growth of the business. Bigger picture the tech industry is also experiencing more outflow and more sellers in addition.
Quantitative Analysis
Intraday Fundamentals
RVOL 3.47
AVOL 9.51M
ATR 2.33
Short Float 5.49%
Shs Float 665.68M
Inst Own 94.30%
Market Cap 25.98B
Options Statistics + Tape Reading
SI 2.641
IV 55.78%
IVP 22%
P/C 0.787
VWAP 41.658
Mixed orderflow stats but noting the call writes in the AM session. 64% of the calls were in the 0-20 delta.
Options data stats/notes day prior to catalyst (n/a)
Options Positioning
OI 3518
VOL 411
Delta .02
Theta -.02
Vega .00
Gamma .02
Prob T 3.48%
Prob ITM 1.72%
MMM +/- 1.987
IV Series 88.95%
Conservative scalp position and keeping in mind how oversold the market is even with the earnings and profit taking.
Options data stats/notes day prior to catalyst (n/a)
Technical Analysis
IV crush + gap down profit taking with more volume on the BID. Break below 45 support.
Gap down over 45S inflection + VPOC area on catalyst and elevated volume. Next mid to high time frame level of support interest is around 36.
Trade/Risk Management & Review
Good options scalp trade. Playbook trade and grade A execution. Continue to use the model as a guide and trust discretionary parameters. These scalp trades are adding up. Need to continue to work on them and maybe build a business similar to Swang.
Execution detail:
Date/time | Symbol | Side | Price | Position |
---|---|---|---|---|
2021-03-04 15:43:13 | 5 MAR 21 48 CALL | sell | $0.0200 | short |
2021-03-05 16:00:00 | 5 MAR 21 48 CALL | buy | $0.0000 | 0 |
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