Huge move in WFM today, which was somewhat forecast by a fall below its 50-day SMA yesterday. After a 6% drop before earnings next week, its now likely fallen off our radar for earnings-based trades. This drop has taken it outside the range of its year-to-date regression channel, and really is the first break from a year-plus long rising trend. There’s still some support around $80 at the 200-day moving average, but that’s no comfort for anybody who was long Whole Foods this morning. Despite the big drop, implied volatility is only up 4 percentage points, not the largest IV change this year. We’ll keep watching, but this one’s probably out of our wheelhouse until after earnings.