Today's rally came just as everyone had predicted... right? Amid the heavy selling and broken support for most of this past Fridays trading session it was tough to maintain a bullish stance on the market. The terrible market breath (sic). The rolling over of the averages.... but alas. The markets again defied the odds. It rallied overnight, it rallied at the open... and then it rallied some more. The streak was snapped. The world was saved. We will live another day to inhale all that garlic breath.
$IWM has offered a great insight in 2015 - in terms of timing a reversal in the market. That $120 level has acted as a spring board for higher prices. Ultimately on Friday that $119.88 close left it under key support. However today's massive rally got it back over the $121 level and set the stage for a continuation of today's bullish action.
Here is today's Option Action Recap
