Market Will Be Flat Until FOMC Minutes Next Wednesday

June 29, 2017
Author: Peter Stolcers, Founder of OneOption

Posted 9:00 AM ET - Tuesday and Wednesday we saw Q2 window dressing. The big decline was immediately erased yesterday and these moves won't show up on a chart a few weeks from now. We're in a news vacuum and the volume will decline ahead of the Fourth of July. Swing traders should have been able to ride out the storm. Out of the money bullish put spreads give the stock plenty of room to move around. As long as technical support is maintained stick with the position and let time decay work in your favor. This is a great income generating strategy when the market is stuck in a range. Day traders should have made good money yesterday if you got on the long side early. The action will slow down today and you need to be very selective. Wait for the market to establish a direction and use the first hour range as your guide. I am going to let the market come in and I will look for opportunities to buy. Tech stocks are weak this morning and the S&P 500 has a good bid. Banks are particularly strong after passing the Federal Reserve's stress test. That should provide a nice backdrop for the rest of the market. Energy stocks are also trading higher. Support is at SPY $243 and QQQ $139.50. Activity will be slow for another week. . . image

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