What a day!

So yesterday I looked at the ratios to try understand what the sentiment is for calls vs. puts. I mentioned I would track Delta (DAL) and Citigroup(C) today as their ratios were 1.20 and 0.56 respectively.

Below is a chart for C for today's performance:

In the above we can see that C was up ~$6 today alone, and pushed the RSI to 64 mark while crossing the 20 and 200MA. Yesterday I had conviction that C would trend higher as the prices for contracts were high, and at the same time, the ratio was way below 1, indicating heavy calls.

With that said, I opened a contract for $116 strike price for May 1, 2026 priced at $3.70, this contract was opened after the morning rush and my contract is now priced at $4.33 - overall a great entry.

Now, let's look at DAL, for which the ratio identified was 1.20 implying heavy puts. To everyone's surprise, DAL swept the floor today, which was forced by the news: https://news.delta.com/delta-amazon-leo-sign-agreement-deliver-next-era-connected-travel-and-digital-experiences

The above shows an uptrend in DAL for today, it was raised by ~$3. While I expected DAL to go lower, the company had another trick. Due to the monitoring and my no trades in the first hour rule, I didn't want to jump in on this. I am glad I didn't, a put would've emptied my pockets.

Lastly, the VIX had a decline today, this overall improved the sentiment across the entire market, below is a chart for VIX and highlighted the downtrend observed today.

At the same time, we see VIX and the indexes performing their roles, where VIX declines, the other indexes begin to thrive:

Overall thoughts:

Today was an interesting and fun day for me. I had fun watching the market, mostly because I was able to see different strings of the market move at once and understanding what was happening was fun.

Tracking VIX and witnessing it go down and seeing C and DAL gap up made me understand how the market behaves better. At the same time, I know it is the last day of Q1, which it is my understanding that also forced a "gamma squeeze" pushing the prices up.

It was very interesting to witness that you can't rely 100% on the ratio of calls vs puts. It was a great exercise to witness C with a 0.56 actually play out in our favor, whereas DAL's ratio was 1.20 and the opposite happened, it was a very bullish day. It seems that there may be cases when the news catalyst the market.

Regarding my C contract, my initial stop loss price was $2.90 but as the price has continued to rise, I trailed my losses and it is now $4.00, this way I don't lose the money I've invested.

This was one of my most favorite days, I'm not sure if it's because I haven't opened a contract in a while, or because different tools pushing me to have a proper entry/contract. Excited for what the market holds tomorrow.