We saw another red day in the market yesterday as the indexes pulled back and the S&P futures moved below $3900 and found support at $3890. We saw some strong sectors including renewable energy names and airlines.
One name that stood out to me after seeing some activity on it in both the dark pools as well as in the unusual options market is General Motors (NYSE:GM). GM chart exhibits bullish structure and the pull back to the buy zone with a squeeze on both the 195 minute chart and the daily chart.
Are names like Ford Motors (NYSE:F) and General Motors (NYSE:GM) going to get sympathy from the relative strength that is being found in other renewable energy names because they are starting to push more in the electric vehicle space? Yesterday over $1.2 million dollars went into the out-of-the-money call in GM for October. Now these weren’t aggressive order types but they were large so can’t be ignored. Additionally, there was a dark pool print in GM yesterday for over 700,000 shares at $38.47. So this will be the level I’ll be watching for support to the upside.
As always, conduce your own DD and follow traders vigilance.