The lack of a material decline on Monday is somewhat bullish. The markets had plenty of opportunity to move lower with two concerted efforts to sell off. Both were bought. There were not enough buyers to create a rally but just enough to end the declines. The S&P touched 2,785 twice, four hours apart and both dips were bought. The S&P closed 13 points higher but did post a minor loss and close under 2,800. The solid support could convince investors to buy the dip in greater volume since Friday's collapse did not continue. The Asian markets are positive tonight as well as the S&P futures. Maybe our two-day decline has run out of steam.
It was interesting that Apple was the biggest loser after a lackluster product announcement without any material details and Boeing was the strongest performer.
New positions are only added on Wednesday and Saturday except in special circumstances.
NEW DIRECTIONAL CALL PLAYS
No New Bullish Plays
NEW DIRECTIONAL PUT PLAYS
No New Bearish Plays