Down one day, rallying the next... and back down again.
The S&P 500 was trading below its 100-day moving average for the first time since the end of October 2020… That said, we’re only 5% off record highs.
When we look at options order flow, the put/call ratio was moving down on Wednesday, so we don’t see a lot of big put orders coming in.
Instead, with markets still near record highs, institutional traders continue to focus on short-dated options.
About the only sector seeing any sustained, long-dated buying is Energy... and for good reason.
Let’s take a look at why and see which of the top energy stocks are hitting the tape...
Joy of the Trade
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