The January correction continues and the S&P 500 ended the month under key support near 1,085. Traders are now estimating the 1040-1035 zone as the next downside target since that would be a 10% correction.
Commodity stocks were hammered in the last couple of weeks on fears that China would cool its economy and the strength in the U.S. dollar. If you're looking for a new bullish entry point, take your time. Let the market come down to you. There's no need to try and catch one of these "falling knives".
We had a handful of stocks hit our stop loss this past week.
Disclaimer: At any given time the author may have positions in any or all of any companies mentioned in the Leaps Newsletter.
--Position Summary Table--
Table lists Directional CALL or PUT/LEAPS only.
Insurance puts, if applicable, are not shown.
Red symbol/name represents a dropped play this week.