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Daily Option Trading Commentary

Market Ready For Next Leg Higher - Close Above SPY $273 Would Be Bullish

February 23
Posted 9:30 AM ET - The market staged a nasty reversal after the FOMC minutes Wednesday. These reversals are usually not resolved until the bid is tested. The bounce looked great yesterday, but we saw selling late in the day. Stocks did bounce in the remaining minutes and the market is up this morning. This choppy action is part of the bottoming process and I believe the selling pressure has run its course. We are poised for a leg higher. The gap from February 15th has been filled and support at SPY $269.60 has been tested/confirmed. The pattern of higher…
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