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Daily Option Trading Commentary

Raise Stops and Set Targets - The Market Still Has A Little Gas In the Tank - Be Careful

April 17
Posted 10:00 AM ET - The market tested the low from last Friday this week and buyers scooped up stocks ahead of earnings season. The SPY rallied back above the 100-day moving average and "Fed Speak" fueled the move yesterday. My first target is SPY $186.50 and we should hit that today. Look for choppy, light volume price action with a positive bias today. The market is closed tomorrow and this rally should continue next week. We had an excellent exit for our short positions on Monday and once support was tested on Tuesday, we pivoted into long positions. This…

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