Editors Note:

The market traded flat despite 7.0 billion shares changing hands. The Dow traded in a narrow 91-point range and declined -6 points. The Nasdaq lost -6 and the S&P gained +1. The only time the market trades almost perfectly flat on high volume is when distribution is in progress. We saw this back in January when the Dow could not hit 20,000 for four weeks despite trading only a few points below that level. Large institutions were more than likely "distributing" their positions to those who still felt the rally had room to run.

While the S&P looks like it could be wedging up for another resistance test, the overall market feels heavy. On the positive side, the market has had multiple chances to sell off this week and avoided every one with a decent rebound. I would be hard pressed to pick a market direction today but the signs of distribution are troubling. We have a pretty even portfolio with trades in both directions so I am not going to add to it tonight. The futures are starting to decline but not as severe as last night and you saw how that turned out. The market survived and closed flat.



NEW DIRECTIONAL CALL PLAYS

No New Bullish Plays


NEW DIRECTIONAL PUT PLAYS

No New Bearish Plays