From the Desk of Steve Strazza and Alfonso Depablos

The largest insider buy on today’s list comes in a Form 4 filing by Cormorant Asset Management LP.

The hedge fund reported a purchase of roughly $19.6 million in Ambrx Biopharma Inc $AMAM.

From the Desk of Kimmy Sokoloff

FOMC on deck!

Now we'll either see a quick pop up to 447.70 on $SPY or a drop down to 437 to 435.

Pre-market indices are trading higher.

From the Desk of Kimmy Sokoloff

It was a slow day, and the market just drifted lower.

We'll see what happens tomorrow after the FOMC announcement.

From the Desk of Steve Strazza and Alfonso Depablos

The largest insider buy on today’s list comes in a Form 4 filing by Thurman John Rodgers, director of Enphase Energy Inc $ENPH.

Rodgers reported a purchase of $4 million in ENPH.

From the Desk of Kimmy Sokoloff

The indices are stuck under their respective moving averages.

This is making it harder to find opportunities to trade.

This is the video recording of the September 2023 Mid-month Conference Call.

From the Desk of Steve Strazza @Sstrazza.

Welcome back to Under the Hood, where we'll cover all the action for the week ended September 15, 2023. This report is published bi-weekly and rotated with The Minor Leaguers.

What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.

We use a variety of sources to generate the list of most popular names.

There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.

From the Desk of Steve Strazza @sstrazza and Alfonso Depablos @Alfcharts

This is one of our favorite bottom-up scans: Follow the Flow.

In this note, we simply create a universe of stocks that experienced the most unusual options activity — either bullish or bearish, but not both.

We utilize options experts, both internally and through our partnership with The TradeXchange. Then, we dig through the level 2 details and do all the work upfront for our clients.

Our goal is to isolate only those options market splashes that represent levered and high-conviction, directional bets.

From the Desk of Kimmy Sokoloff

This is a very choppy market.

$SPY bumped up to resistance at 445 then dropped lower.

We can stay volatile this whole week.

From the Desk of Steve Strazza and Alfonso Depablos

The most significant insider purchase on today's list comes from Wayne P. Rothbaum, director of Iovance Biotherapeutics $IOVA.

Rothbaum declared a $26.5 million IOVA purchase in a Form 4 filing.

From the Desk of Kimmy Sokoloff

Let's see what this week brings, as we have the FOMC on Wednesday.

Next support down on $SPY is 440.

The stock market correction continues....

What else would you expect during this seasonally weak period for stocks?

Historically, stocks do very well after mid-term elections. And that's exactly what happened.

Then in Q3 the struggle tends begin for a few months.

And that's precisely what we've seen this year. A perfectly normal market: