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Money Flows And Options Activity Telling Different Stories About Stocks

Wednesday, November 2, 2016 11:57
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questionOn substantial weakness in the SPX yesterday, with a follow through today on the downside, we have seen out of the ordinary inflows into SPY (more than $4 billion in) as well as in QQQ (Nasdaq 100), which saw creations totaling more than $2 billion.

It is hard to say if this is “Pre-FOMC rate decision” trading (the Fed, predictably, has since announced “no policy change”), or simply first of the month ETF model change related, or perhaps both. But the bottom line is that these are substantial inflow totals that certainly do not occur on a daily much less weekly basis.

We have however seen options flows in the past forty-eight hours that conflicts with the sentiment of the SPY buyers. We have seen the near term November 205 as well as the 200 strikes trade in the marketplace lately, and with the VIX suddenly surging as high as above $20 yesterday, there does appear to be some consternation in the marketplace among investors going into Thanksgiving — and likely for good reason.

The PowerShares QQQ Trust, Series 1 ETF (NASDAQ:QQQ) fell $0.50 (-0.43%) to $115.61 per share in Wednesday afternoon trading. Year-to-date, the largest fund tracking the Nasdaq 100 index has gained 3.45%, but has pulled back by that same amount off of its yearly highs set back in late October.

Disclaimer: The content of this article is excerpted from a daily newsletter from Street One Financial. While ETF Daily News may edit the contents and add a relevant title to the piece, the author, Paul Weisbruch, does not endorse or recommend any issuer or security mentioned herein.

About the Author: Paul Weisbruch
paul-weisbruchPaul Weisbruch is the VP of ETF/Options Sales and Trading at Street One Financial. Prior to joining the team at Street One, Paul served as the Director of RIA and Institutional ETF Sales at RevenueShares ETFs from December 2007 until November of 2009. Before RevenueShares, Paul was employed by Susquehanna International Group from 2000 until 2007 serving in roles including OTC/NYSE Institutional Block Trading, Nasdaq/OTC Market Making, ETF/Derivatives Intelligence and Strategy, Algorithmic Trading, as well as acting as the PHLX Floor Specialist in the ETFs, SPY and DIA.

Paul has been actively involved in the ETF space from both a product and trading standpoint since 2000. Additionally, Paul has well forged relationships with national RIAs, institutional pension fund managers and consultants, mutual fund and hedge fund managers, and also the ETF media. Co-authoring the “S1F ETF Daily” since 2009, the daily piece has become a must for many portfolio managers in the ETF space, with segments regularly appearing in the likes of Barron’s, WSJ, and for instance.

He holds his Series 4 (Registered Options Principal), 6, 7, 55 (Equity Trader), 63, and 65 licenses. He graduated from the University of Pittsburgh (B.S. – Economics), graduating magna cum laude, and has an MBA from Villanova University.

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