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Daily Option Trading Commentary

New Market High Is Vulnerable - Expect Profit Taking Before June FOMC

May 26
Posted 9:00 AM ET - Yesterday the S&P 500 made a new all-time high on light volume. After the initial surge, stocks traded in a very narrow three-point range the rest of the day. The gains held despite a big drop in oil. I don't trust this rally and I believe we will see a round of profit-taking ahead of the June FOMC. Economic growth is moderating and current activity levels don't justify another rate hike. The Fed is likely to tighten in a few weeks. The recent market rally has provided a window of opportunity and they will take…
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