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Daily Option Trading Commentary

Market Is Directionless - Big 1-Day Moves Are Followed By Reversals

March 30
Posted 10:15 AM ET - Last Wednesday the market staged a nasty decline and it fell below the 100-day moving average. The SPY closed below support Thursday and Friday, but we didn't see any follow-through selling. Stocks are trading higher this morning and we are back above SPY $205.70. This is a low probability trading environment and the price action is random. In Friday's comments, I mentioned that I don't like being short overnight. Central banks have been easing like mad and they can spark a rally at any time. Dovish comments from Janet Yellen after the close Friday and…
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