Editors Note:

The minor breakout on the major indexes was high fived all around but S&P and Nasdaq only stretched existing highs by 3 points. The Nasdaq had very few "big" gainers and the S&P was powered by a couple of retail names with big earnings beats. There are no material earnings on Friday. Volume is going to be the lowest in weeks and we are right in the middle of the August doldrums. If the market is going to follow the seasonal norms for a decline into the end of August it should start soon. Next week is option expiration and Friday's move could have been related to that event. Professional traders typically exit positions the week ahead of expiration. I think we should be cautious for Friday and see what the market gives us. Monday could see a different market.



NEW DIRECTIONAL CALL PLAYS

No New Bullish Plays


NEW DIRECTIONAL PUT PLAYS

No New Bearish Plays