After early morning weakness, markets rebounded from session lows. S&P 500, initially down about 80 handles, recovered to trade down just 50 points by mid-session.
Jermal Chandler highlighted increased retail participation in SPX zero-DTE options, evidenced by odd-lot orders heard on the CBOE floor. He adjusted positions in response to market moves, including rolling an "Open Heart Butterfly" trade on OTCL for additional credit, demonstrating how to manage spreads effectively.
Calendar call spreads were discussed as strategies for stocks that recently sold off sharply, including Palantir (PLTR), which dropped $30 in four days. Jermal established new put calendar spreads on The Trade Desk (TTD) and Airbnb (ABNB) while noting caution on earnings plays after several unsuccessful attempts.
Other positions mentioned included DraftKings (DKNG) puts, adjustments to Meta (META) positions, and monitoring MP Materials (MP) ahead of earnings.
