Gap Still Open

Gap Still Open

SPY did not quite close the gap at 108.02 yesterday, so that gap is still open. Yesterday's end of day ramp job was total hot air- you can tell by the sharp rejection at 110. A true rally would have bust through by that point. Since today is OPEX everything is wide open but I am still expecting a pullback. I'm anticipating a range today of 108-110. If SPY gaps down (currently this looks to be the case) I expect the gap to be filled for sure- too much volatility and chop. So wait for over SPY 109.7 to buy puts.

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