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Daily Option Trading Commentary

First Signs of Selling - Expect More Balanced Market Action - Watch This Support Level

January 23
Posted 9:30 AM ET - The S&P 500 will open 5 points lower this morning. There are concerns that the Coronavirus might impact global economic growth, but the selling this morning is more likely resulting from a light round of profit-taking. Yesterday we saw the first signs of selling and the market reversed from an opening gap higher and it closed on its low. This is nothing to be overly concerned about and I expect to see a market pullback in the next few weeks. This dip will provide us with excellent buying opportunities. The trade deals, Brexit and historically…

 

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