This video gives a quick review of the broader market index ETFs and some sectors and individual stocks and discusses our bias is in the short-term with today's bullish gap in trading stocks and options.
With the recent broad based selloff, our market internals flashed a a signal yesterday that a bullish turn was pending. Today's bullish gap might be the signal if it holds.
The elevated volatility levels in the market favors shorting overpriced put/spreads (with the charts as always) and/or trades with positive time decay. This should set up some great short-term bull put spread trades.
We will be focusing on selling puts/spreads on SPY and other individual stocks which expire today or Monday (and shorting overpriced call options/spreads on Volatility ETFs VXX and UVXY). Stay tuned!
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