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Daily Option Trading Commentary

Negative News - Buy Puts If This Support Level Fails

August 23
Posted 9:30 AM ET - Yesterday the market gapped higher in anticipation of "warm fuzzies" from the Jackson Hole symposium. A Fed official (Harper) said that we don’t need a September rate cut and the futures fell to the 100-day moving average. It is no secret that Fed officials are divided and buyers scooped stocks on the notion that this is only one opinion. The S&P 500 rallied all the way back the rest of the day. Trading volume has been light and we can expect volatility when there is news. Today Fed Chairman Powell will speak at the symposium…

 

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