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Daily Option Trading Commentary

Market Rally Is Fine As Long As We DON’T See This Pattern

January 20
Posted 9:30 AM ET - There isn't any substantial overnight news to report. The SPY tested support at $377 during the last week and buyers are still engaged. As I've been mentioning in my comments we are likely to see an inauguration rally as we get one step closer to the $1.9 trillion stimulus bill proposed by Biden. Tech earnings are off to a nice start after NFLX beat estimates. The S&P 500 looks poised to challenge the all-time high this week. The S&P 500 is in a gradually sloping upward channel and these can continue for an extended period…

 

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