Market Review: Just Sitting Here

eOptionDaily Market Report

Published with permission from the options flow and sweep specialists at Sanglucci.com.

Another night of some interesting back and forth action gave way to an open that was hell bent on giving highs a run. The SPY, initially receptive to the buying, would come to stall out early in the day and a session long game of back and forth took over as markets stayed in range. It was pretty quiet.

With news of sanctions being lifted on domestic banks and Russia, smart money was eager to follow up again today. That action would tail into the energies sector which continues to show signs of life under Trump.

All eyes are waiting to see what gets repealed next.

Rotation, rotation, rotation. If you’re paying attention you’re noticing this is all just a giant game of rotation.

Today was no different. Action started around the energies with crude showing strength early in the day. But as things slowed down, momentum picked up in the semi-conductors.

Quiet day on the scanners with the SPY stuck around all time highs and the VIX slowly creeping it’s way back up the ladder.

It’s easy to steer clear of “beating the horse to death” when there’s no horse. And that’s kind of the story here today. Smart money didn’t really make any bets that were worth noting. Nothing that’s going to change the sentiment of this market. Not today.

If the current overnight trend continues, tonight should bring some action as well as some pressure as international markets shift on the EU and trade macros. But that’s really just going to amount to more opportunity to trade tomorrow, and that’s what matters.

If you’ve tried to lop into a long swing, you’ve gotten crushed on time decay. Things aren’t moving in a straight line, we’re doing the Wall St. two step. On a long enough timeframe it looks like a straight vertical ascension, but in reality you’re dropping dollars left and right as the SPY barely goes up or down on a closing basis.

So stay light. Stay in the action, and don’t force your bias. The ranges have been wide enough intraday, and there’s been plenty of volume. It’s there for you, so don’t stop yourself from getting it.

eOption is neither affiliated with, sponsored by, nor endorses the above commentary and the opinions expressed are solely their own. Content is provided for educational and informational purposes only and eOption cannot attest to its accuracy or completeness. No information provided has been endorsed by eOption.com and does not constitute a recommendation by eOption to buy or sell a particular investment. You are solely responsible for your own investment decisions, and eOption makes no investment recommendations and does not provide financial, tax or legal advice.

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