Market Commentary for Friday, October 3, 2025, by Peter Cook
We are gapping up slightly here and running over the Call Wall on SPY at 670 and into the 0DTE Implied Highs. This will cause some selling. Be careful up here because we have been seeing large, red 30-minute bars when this kind of thing happens.
Still watching the crash setup from a couple days ago. Just because it's up a couple days doesn't mean much to be honest.
I still see Call to Put Gamma very elevated (meaning lots of call buying). Put Call Ratios got into the bad place too. Once we squeeze some of these early shorts in select names, we may have found out last buyers.
Vix continues to remain elevated, likely from continued pressure from the Chaos unfolding in DC.
We had a fire at a refinery in California - that is something to watch because California gas is special and the oil companies charge them and arm and a leg for it. Could make gas prices move in California.
Despite the setup on the dailies looking so ominous, we continue to see day trading work for us - I'm targeting the 0DTE Implied Lows hopefully again today for a long. It worked almost to the tick yesterday and we caught nice trade off those levels.
Levels:
All the best;
Peter Cook
#NQ_F Chatroom Chief Moderator
Hamzei Analytics, LLC
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