Markets sold off on Thursday, with the DOW making it 5 straight days of declines,
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Support
With the jobs report tomorrow, which will move the market one way or the other, two charts remain key to the medium term outlook for the market. Will the jobs report push the market through these trendlines?
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Thursdays Option Action
The biotech bubble lost a little air today sending its weekly puts options significantly higher.
$GMCR dropped some 30% after its earnings report leaving some memorable gains in its wake.
From the chat room this morning:
Of course those who traded for a move higher are sitting on worthless options right now. It is the risk and the reward of trading stock options into an earnings report.
Now on to todays option action:
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Where is the market headed After the July Jobs Report?
The market has been trading in a historically narrow range so far this year. The much ballyhooed correction that has been coming since 2012, has not reared it's head. And the rally to 2,200 on the S&P has not come to fruition either. What you have left is a bunch of frustrated Bulls and Bears. So what comes next?
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