Options Montage: Either a rotation or a breather

A couple of days left here ahead of the 4th of July weekend. The casino is closed on Monday, institutional sweeping activity was bullish on Wednesday and has been the whole week so far.

Biotechs were in focus on Wednesday but other than that, there was no real sector focus that stood out. Institutional sweepers were selectively active in few tech names, some underbelly growth names, energy and even in a few re-opening plays.

On the sentiment front
Intraday sentiment finished the session around neutral.Neutral sentiment plus an elevated gamma have created a backdrop for a sloppy push higher in the major indices but aggressive rotation continues to play a major role.
Rotation into tech and growth names having already done a lot of damage, names like $Advanced Micro Devices (AMD.US)$ $Roku Inc (ROKU.US)$ $Virgin Galactic (SPCE.US)$ were on the fire over the past 2 weeks. Now the upside in tech gets a lot tougher here and we could see some funds start shifting around to other groups.Biotech has been solid play the past couple of days,the obvious spots for rotation are back into cyclical and reopening names.It doesn't have to happen right away because of how significantly offside players were caught in their neglecting of tech and piling into re-opening plays, it could possibly overshoot.

And even though sentiment in the reopening groups are in a lot better shape.they have bounced a bit and all of them are not sitting in the bullish signal territory.

Ideally,there would be a breather across the indices for the market to reset a bit purposing on cooling some of the hot sectors while setting up favorable risk and reward in reopening sectors.Breadth also has been sour and many names are looking lethargic.

The Friday jobs number could be a catalyst for rotation or a breather, so stay tuned. As far as today is concerned,buy the dip algos are in full effect off elevated gamma exposure and the likelihood is nobody will be looking to get too cute ahead of jobs Friday anyway.

Notable bettings toward individual names