Awesome setup to start the week! Ramp the bulls up higher and squeeze the weekend shorts. Reverse, stop out late longs and draw the shorts back in for another round. This type of action makes me think we chop a bit this week.
Balance on the lower time frames is starting to compress, which means we’ll be leaving this range in a fairly fast manner soon. What’s interesting is that the last few times this set-up has happened this far into a rally, everyone got their calls for a breakout. This time, they keep buying puts to insure against the drop.
I picked up $SFUN and $AMZN calls at the open and need to manage exits in $TWTR, $YELP, $CMCM, $VIPS, $DATA and $VMW this week.
Watching $SHOU, $RPD and $WTW.
After Hours with Option Addict peeps, I had to stay a little longer on my trip than expected and won’t be available to meet today. I’ll be traveling back tonight and will be back to business tomorrow. Thank you for your patience.
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