The markets pulled back today after the consumer confidence report came out lower than expected. Much of the rally thus far has been backed by improving consumer confidence, could this indicate the bears coming back into play? Put/call ratios are bearish. Today's volume was low, but the low volume isn't a big surprise due to it being a holiday week. My current expectation is stagnant because of mixed economic data. There has been a large rally since bottom and it seems like the market might not be looking for as many reasons to buy.
NYX pulled back a little making my short call closer to NTM. No changes- current expectation is still stagnant. Technically NYX trend could be reversing. Stock traded below its 20 EMA about a week ago and just bounced off with the 20 EMA being resistance. Not looking at any adjustments at this point
DRYS also pulled back. Interesting option activity. Heavy volume of calls purchased for the next three months. Will consider selling Sept Long Put if DRYS finds support. Might also consider adding some calls.
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