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The Adaptive Trader's Notes

Fabio La Manna

The Adaptive Trader’s Notes explores markets through empirical observation and structural research, treating experience as data and frameworks as conditional.

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Issues30Founded10 months agoLast Issue20 hours ago
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Latest Issues

Pre-Market Note | September 21, 2026

Good mornig everyone,
Let’s start this note with what I got completely wrong. SPY blasted through the level that I thought would be the first hurdle, and no resistance was found at the 770 strike.
Looking at the market structure from t...

20 hours ago
5
2

Pre-Market Note | September 20, 2026 (Sunday)

Hello Traders,
in the last couple of days, in virtue of of the FOMC and OPEX, I have been putting more emphasis on Options flow and market sentiment. The main take aways of the last two pre-market notes were:

  1. SPY long-dated flow wa...
2 days ago
5

Pre-Market Note | September 18, 2026 - OPEX

Dear readers,

I’d like to start today’s note focusing on what is going to disappear after OPEX, and how this could affect the price path afterwards

Yesterday, despite the gap up, the 0DTE gamma distribution bounded the price in a ra...

5 days ago
8

Pre-Market Note | September 17, 2026

Good Morning Traders,

This will run a bit longer, as in today’s note I’d like to do a deep dive on the options flow and market structure that led to yesterday’s close. My goal is to give a more comprehensive analysis of the options co...

6 days ago
7

Pre-Market Note | September 16, 2026

Morning Traders,

Yesterday was another distribution day on SPY, with poor performance across the board, and the bounce in breadth that we had in the last session was short-lived. Both the Advance-Decline Line and the percentage of S&P 500...

7 days ago
12

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  • Fabio La Manna

    Research-driven equity & options trader. I study market structure, volatility & risk through data, statistics & real-world trading. SSRN: https://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=9724212. No investment advice.

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