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Daily Option Trading Commentary

Buy Calls - Market Breakout - Told You To Buy Yesterday

July 18
Posted 9:30 - AM Yesterday the S&P 500 probed for support early in the day and it reversed instantly. Buyers scooped stocks and a bullish engulfing pattern resulted. The S&P 500 broke through a critical horizontal resistance level and the price action should be bullish the rest of the week. Last week the NASDAQ 100 made a new high and tech stocks are leading the charge. Netflix plunged after posting earnings Monday and the drop did not dampen spirits Tuesday. Tech stocks reversed immediately and the NASDAQ 100 made another all-time high. Until all of the mega cap tech stocks…

 

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