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Overall flow was a bit mixed Thursday, leaned bullish .. We saw a bit of rolling & adjusting in profitable positions come a day early ahead of expiration Friday, which led to some added put activity in ETFs ..

• Price action & flow continues to signal that markets are not overly concerned about this Coronavirus.. Doesn’t mean we can’t see some profit taking off negative headlines or a little breather in some extended names .. But with Central Banks leaving the liquidity faucets running, money will continue to try & find a home in risk assets off every little dip .. If/when this virus does take a turn for the worst, then they will likely make the needed adjustments .. As for what we’re seeing from Sweepers, they continue to find their spots & little by little add select names that would be affected by a prolonged shutdown of China’s economy.. That’s a bullish sign but this virus thing can’t be forecasted in the early stages, so things can turn on a dime .. For now, Players make sure they have on a little protection, understand they will give back a little profit at some point when this market turns but in the meantime they’re preparing & positioning for a potentially large upside move if this situation resolves itself.. For us, with a ton of short-term momentum out there off Sweeper activity, we can take a similar approach while remaining tactical as everybody else attempts to call tops.

• Sentiment did soften a bit today off some early morning weakness, nothing noteworthy though .. Gamma still signaling dip buying is in full effect, with the threat of “stickiness” showing up at higher SPX levels..

• Playbook remains the same for Friday my friends .. The early morning has been where most of the momentum lives, we may see some selling into the late afternoon ahead of a long weekend..