Brent Kochuba, founder of SpotGamma, joined tastylive Thursday to map S&P 500 negative gamma below 7,600, a lifting vol surface and Oracle’s call skew.
earnings
Oracle Earnings Preview: $638B AI Backlog vs. an 11.5% Options Implied Move
Oracle reports fiscal Q1 2027 after the close on Thursday, September 10. The September 11 options are pricing an unusually large move, dealer gamma is tilted positive below current prices, and CPI lands before Friday’s open.
Broadcom is the Next AI Focused Catalyst
Fundamentals Broadcom (AVGO) is the most important remaining AI hardware earnings report of the week, providing investors with a different read on AI spending compared to Nvidia. Nvidia tells us about demand for general-purpose GPUs, while Broadcom tells us about custom AI accelerators, networking, hyperscaler silicon programs, and the increasingly competitive threat to Nvidia from […]
One Stock, 803 ETFs: Why Nvidia Earnings Impacts the Entire S&P 500
Brent Kochuba joined CNBC to discuss Nvidia’s earnings, Salesforce, and how options traders repositioned across bond ETFs after comments from Treasury Secretary Bessent.
The AI Trade Roars — But for How Long?
Last week, strong earnings pushed both the S&P 500 and Nasdaq to — once again — achieve all-time highs. Through the fast and furious AI-driven rally of the past 6 weeks, SPX has climbed 15% while NDX has surged 28%. The market’s pace of advance is well beyond historical norms, reflecting an exceptionally aggressive repositioning […]
How next week’s earnings could drive volatility
Markets pushed to fresh all-time highs this week, driven by continued strength in AI stocks. One of the notable stores was SMH (the semiconductor ETF) which surged over 30% this month to cap 168% gain in the past year. While euphoric spirits have recently prevailed, next week brings an event-heavy calendar that might shift the […]
Comparing Earnings IV’s for Edge
In a recent Member Q&A session SpotGamma discussed how traders can analyze implied volatility and potential stock movements by comparing the relative moves and reaction of stocks in similar sectors. Here we look at the volatility & setup into SMCI’s earnings report, and its subsequent reaction, to guide us on what may happen for AMD […]
INTC Post ER
Update: We posted this to twitter last night after INTC missed earnings and was down -10% after hours. $INTC is -10% after ER’s. There is a lot of OI at 50, particularly in puts. The bulk of those positions sit in the 11/20 exp, so there could be extended pressure into low 40s. (Often in […]
PRPL Mattress Fire – Options IV Burn
PRPL is a major retail WallStreetBets favorite, causing a huge runup in to 8/13 earnings. After reporting an ER beat the IV in the stock likely got crushed, which caused long OTM calls to decline sharply. This leads to dealers unwinding hedges, and a stock drop.
AAPL, FB, AMZN Earnings Gamma Chart Pack
Below we show two styles of charts. The first (red, black, green lines) show how much gamma is tied to various expirations. The more gamma there is the more volatility these stocks may have. This is due to our assumption that stocks maintain a negative gamma stance as traders are primarily call buyers (and dealers […]