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Daily Option Trading Commentary

New Market High - Ride the Wave - Lots of Dark Clouds - Use Stops

September 21
Posted 9:30 AM ET - The S&P 500 broke a new all-time high yesterday. Quadruple witching fueled the move and anyone who sold out of the money September calls above the prior high was forced to cover. Strong profits and robust domestic activity are in focus and investors are ignoring pending news. We will ride the wave and we will raise our protective stop. Flash PMI's were in line and global markets were generally positive overnight. Initial jobless claims fell to their lowest level in decades. Next week GDP will be posted and the Atlanta Federal Reserve is predicting 4.4%…

 

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