Market Update July 17th

Good Morning,

The market was down slightly yesterday and the VIX was for the most part flat. We are in a place where we are just below some major resistance and we could see a breakout, a breakdown, or just chop around in a range for quite a while. It will be important for me to see if we can breakout soon, and if we can't I think the chop around for a while scenario is the most likely. This morning we are looking at a relatively flat open in opex day. If you are new with us and you are not familiar with opex or options expiration day, it's the third Friday of every month when the monthly options all expire, and it generally results in some wild movements in stocks that big money tries to pin above or below key options strike prices. The bottom line with this, is that it makes for very difficult trading conditions especially in the afternoon. Today I will simply be focused on our GnR list for day trades, and there will be no watch list for swing trades due to opex.

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