Daily Commentary: 1Option

eOption1Option Commentary

New Market High Is Vulnerable – Expect Profit Taking Before June FOMC 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 … Read More

Daily Commentary: 1Option

eOption1Option Commentary

FOMC Minutes Could Spark A Small Round Of Profit Taking Today Yesterday the market closed just below the all-time high. The losses from last Wednesday have been recovered and buyers are still engaged. Oil has stabilized and financials participated in the rally Tuesday. This is a bullish sign, but the move could have been a one-day event. The FOMC minutes … Read More

Daily Commentary: 1Option

eOption1Option Commentary

FOMC Minutes Possible Speed Bump – Market Should Find Support At SPY $238 Yesterday the market staged an early rally and it was trapped in a tight range the rest of the day. In the last week we’ve seen a 2% correction and a snapback rally. The FOMC minutes tomorrow could spark another round of profit-taking. We are currently in a news … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Market Down – Trump Is Not the Reason – Profit Taking Ahead This morning the market is retreating and investors are nervous. The media is overjoyed to blame the profit-taking on problems in the White House. From my perspective this is a bunch of BS. We were already seeing signs of strain and this is a convenient excuse. As I’ve … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Swing Traders Stay In Cash – Day Traders Use SPY $240 As Your Guide Yesterday the market rallied in the first 30 minutes of trading and it flat lined the rest of the day. The S&P 500 had a two-point range and the volume was anemic. Stocks are poised to open a little higher this morning and the SPY is … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Market Stuck In A Range – Any Surprise Favors the Downside The market is compressing near its all-time high. Trading volume has been declining and we are in a news vacuum. The action is likely to be dull for the next two weeks. China’s industrial production and retail sales were slightly below estimates. The PBOC made dovish comments and that … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Buy Put Options If This Technical Support Level Is Breached Today Yesterday we saw profit-taking in the first hour of trading. Buyers pulled bids and we hit an air pocket. The S&P 500 was down 15 points and support at SPY $238 held. Once the lows were in, buyers nibbled and the market recovered most of its losses. This morning … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Market Will Grow Impatient With “The Swamp” – Fed Could Spark Profit Taking Yesterday the market opened at an all-time high and it spent the entire day drifting lower. By the close the S&P 500 was in negative territory. Tech is lifting the market and we need leadership from other sectors. The biggest tech companies have announced and the excitement … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Trouble Ahead – Stay In Cash and Wait For A Market Dip Yesterday the market was flat and the volume was low. The air has been “let out of the balloon” and we are heading into a news vacuum. Mega cap tech stocks have reported, major economic releases are behind us and we’ve heard from the Fed. Stocks are treading … Read More

Daily Commentary: 1Option

eOption1Option Commentary

Market Dip Ahead – News Will Slow Down Next Week – No Catalyst The S&P 500 is compressing near the all-time high. If this were a stock I would buy the breakout. Unfortunately it’s not. If you look back over time you’ll notice that every SPY gap fills in pretty quickly. That’s because it is a diversified index of 500 companies. … Read More