Market Commentary for Wednesday, September 10, 2025, by Peter Cook
We are once again looking at silly season on display as Korea and Singapore jump hand over fist into the #ORCL earnings. I don't know if I've ever seen a bigger move on a large cap stock like that when the earnings and revenue missed. It's all smoke and mirrors at this point - you are paying for potential future promises that already look like they might be on shaky ground.
Poor #CHWY reported earnings and it's red - there were a lot of puts purchased before that report at really expensive prices, so I think that one could possibly rally after the open as those things close up. Most people didn't make any money betting against the drop because the put prices were so expensive.
The story today is #PPI. If we get a "beat" then it's good for markets, if it's a miss, we are going to have heartburn. It really is that simple. Betting markets look like to me they are leaning for a slight beat on CPI tomorrow. I still think it is going to be a big miss for both PPI and CPI.
The setup is very poor here with regard to At the Money Gamma. I'm seeing levels of Call Gamma to Put Gamma that are concerning and very bearish over the short to intermediate term. A Vix spike of +20-30% would do the trick to reset the sentiment here. We need it badly (AGAIN).
Crypto has quietly corrected and we are seeing stuff like #MSTR hit some major Yearly support levels. #COIN is similar, hitting some major anchored VWAPs from the last pivot lows and starting to curl up.
My metrics say today should be a good day for us to try to trade, we'll see if we can get some selling to materialize here after PPI and try to buy some dips intraday. The 30-minute charts are overdone and need to rest / sell. We still can't get the Call Walls for SPY to move up, that is very concerning to see traders unwilling or unable to roll calls up and out. It makes it structurally difficult to go up.
Levels:
All the best;
Peter Cook
#NQ_F Chatroom Chief Moderator
Hamzei Analytics, LLC
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This email went out to Members at 0819 ET on Sept 10th.
