Daily Recap

Today was in my opinion another boring day in the market. There were no major moves in the broader indices, with both stocks closing relatively flat. Commodities were in the spotlight as oil and gold both fell a few percentage points respectively. With respect to MCD and TWTR there was no intra day movers that caught my attention, just a lot of fades (SPY and NFLX to note).

Stocks that I am watching tomorrow:

Wednesday tends to be a flat day many weeks so what I want to see is whether the momentum is positive into Thursday/Friday or if we will see a move back down to the week’s low. I will be seeing whether AAPL can hold 130 and whether NFLX can hold 615 (where it started the week).

I think Goldman Sachs got it right when they said the market will be flat for a long time. This dull action may force me to trade stocks more so because over the last few weeks I have had many losers trying to gage individual day moves and playing options to do so. My gut tells me the market will close right around here on Friday, so I do not see yet any trades that I will put on.

I think the best course of action is to keep all position sizes small because as of right now it is basically a guessing game as to what the market does tomorrow or the next day.

Max Ganik (Maxzak) is a 19-year-old stock and option trader. As of June 2016, Max has been a member of Option Millionaires for over 3 years, and has been a contributor for over 2 years. Max regularly writes blogs for Option Millionaires and has also presented webinars.

Max is the founder of Ganik Market Strategies. He is a member of the Leaders Investment Club. Max has been interviewed by the New York Times, CNBC, and Bloomberg TV. He was also the first high school member of the New York Society of Security Analysts. Max is currently a member of the University of Michigan's premier investment club, Michigan Interactive Investments.

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