Market Update April 17th

Good Morning,

Well we had some very interesting news in after hours yesterday with some leaked data from GILD regarding their trial for Remdesivir as a treatment for Covid 19. GILD and the market are gapping up strongly on this news, but we need to be a bit cautious since this is leaked anecdotal information and not the actual trial results, which could come any day but haven't been released as of yet. My plan today is to just sit back and see how the open gets digested. Early on I will be looking to see if the SPY wants to push above the sma50 at 286.75 or break below 285 to decide if longs or shorts are in favor. I will probably just focus on day trades today with this big gap up this morning and with the fact that today is opex day. We have had a great week with our swings and our day trades this week, and we do not want to get over aggressive on a gap up opex day.

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