I like flat seas, not flat markets

but, and there is always a but

Hi All,

As mentioned by George in the last couple posts, QQQ 0.00%↑ and SPY 0.00%↑ are in NOS purgatory. Most traders as indicated by options flows yesterday are sitting on their hands until CPI tomorrow. Regarding the chart below, you will see most options activity was in 0DTE index options which can’t drive markets higher or lower on their own. We need the longer-term options (orange line) to move steadily in a direction and separate from 0DTE, for the markets to move. There was some flow in the am which turned neutral.