And that's a wrap!

MMM's bang!

Author

Brother Bill
July 26, 2024

Was MMM on your radar? I won’t lie, it wasn’t on mine. If you were already long then congrats to you and congrats to everyone that owned it. Especially the Options buyers that played this one.

This one day surge of 23% is it’s largest in history. Congrats to MMM on that. Now, back to it’s Options traders. This one took EVERYONE by surprise. How can I say that with absolute certainty? By the Options Chain. Allow me to share. Todays Expiration didn’t even have any buys here up that the closing price. Down between the 100-110 Strikes you had some buying, nothing off the charts but over 2,000 contracts per Strike is pretty respectable. At the 105-108’s the action picked up some…. The 121 Strike? Sold 3 contracts, the 122 Strike? 4 contracts? That’s not Mr Big Time Hedge Fund, no, that’s Bob in his basement!! Bob got paid!!! And so did everyone else that played this one.

This was a “sleeper.” Kind of like that 73 Pinto that pulls up to the light but has a Turbo Charger under the hood. The stocks on our Watch List did well this week and we are now adding MMM to that. We will be watching for a pullback or to see if a new trend begins.

Be back Sunday night with the Weekly Recap

Invest wisely, live charitably and be well

Brother Bill

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