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Yes, we had a rally today, but what sparked it? Was it the belief off selling in May and going away. Or was it all about the average at best ISM reading this morning. I am using today’s high, 1411.75 in the ES futures as a gage or get short.
I continue to think that we are in a trading range, 1335-1420 and until we get that breakout, we will trade sideways. After the bell, we got mixed results as TRIP, Tripadvisor raged higher, but Opentable, OPEN, and BRCM were both off. Taking away that today was the first day of the month, I see more headwinds and think we head lower this month and then get a huge summer rally. Have a great night traders.
– Targa Resources (TRGP) upgraded to Outperform from Neutral: Robert W. Baird
– Apollo Commercial Real Estate (ARI) downgraded to Hold from Buy: Stifel Nicolaus
– Herbalife (HLF) price target to $86 from $83: Caris & Company
– Simon Properties (SPG) price target to $162 from $152: Imperial Capital
On the flip side, Apple (AAPL) had a rough go, falling 3.15% to $584 per share. AAPL has fallen straight down since opening at $610 after reporting a tremendous quarter on the 24th. In premarket trade, AAPL is higher by 0.6%.
Natural Gas has been on a tear since hitting lows around $1.910. Futures are currently trading at $2.301, up 0.7% on the session. UNG, an ETF that tracks Natural Gas, is up 9% over the past 5 days. But, UNG is down 8.7% over the past month, and down 36% year-to-date. I wouldn’t get too caught up in the current move – Nat Gas’ trend is definitely lower.
At 10 a.m. ET today, the ISM Manufacturing Index will be released. At 10:30 ET, data on Construction Spending will come out. This is all setting the market up for Friday’s payrolls report.