The markets are just passing time ahead of Janet Yellen's Friday speech. This is the lowest volume week I can remember in recent history. For the last four days the average volume was just over 5.2 billion shares. Friday will probably not break 5 billion unless Yellen says something very positive or develops a bad case of foot-in-mouth disease.
Traders are either on vacation, waiting on the Yellen & Draghi speeches or sitting on the sidelines waiting for a buying opportunity in September. There is no reason to trade in this environment. Bullish stocks are not rising and bearish stocks are not declining. Everything is churning sideways or slightly bearish.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays