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Daily Option Trading Commentary

Market Support Failed and We Are Back In Cash - Buy If This Happens

April 20
Posted 9:30 AM ET - esterday the market pulled back and the SPY closed below the 100-day moving average. I did not sense panic selling as we have seen in recent weeks. Earnings season is keeping buyers engaged, but we should've seen better strength. The market needs to rally back above the 100-Day MA before I re-enter bullish positions. Earnings announcements will be brisk next week. Results have been excellent, but expectations are high. Smart phone suppliers were reporting soft demand and chipmakers retreated yesterday. Apple is down this morning and it will weigh on the market. Economic releases have…

 

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