Sometimes the bulls are climbing the wall of worry and other times they are dodging potholes in the market's path.
The S&P futures opened down on Sunday evening at -19 and they are holding at -18. There is no play we could enter at the open on Monday that would make sense. We could not buy puts because we could be filled at the high of the day. We should not by LEAP calls in a rapidly falling open because we do not know where the decline will stop. We have been expecting a 3% to 5% decline for months and this might be it. I would hate to buy on a 1% down open only to see the market fall another 4% over the next week.
The Trump rally may be coming to an end and it could be ugly. With his legislative agenda in trouble, the market could retract much of the post election gains.
No new plays this week