Wednesday's decline could be the start of a real 3-5% correction after a five-week gain or it could be just a hiccup in the recent uptrend. We do not know where the market is going until Monday. Historically, the market rallies into Easter weekend but the calendar may bite us this time with Good Friday falling in what is normally a neutral week for fund buying. Managers are trying to decide how to modify their portfolios for the end of the quarter and those moves will be made next week.
One day does not make a trend. I am not adding any new plays today. We are already heavily weighted to the bullish side and I am not ready to commit to a bearish market move. You know from my commentaries I am expecting a market failure but from a higher level 2-3 weeks from now.
We do not need to add new plays just because the market is open. This is especially true in what will be a very light volume day with event risk over a 3-day weekend.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays