Friday was a typical options expiration day as we were locked in a narrow range throughout the day. Stock prices did gap down and although a quick rally challenged the highs of the day early in the morn, rejection occurred there and we settled back to the lows. Again prices couldn’t break out either way and we closed practically unchanged.
With that behind us we could be set to continue lower via last week’s bear flag breaks. I might look at any rally as a good shorting opportunity providing reversals patterns set up. If we gap up big Tuesday at the open, I might get aggressive on fade setups. If we hold on and rally in the morning, I might look for a pull-back in the afternoon.
If we do close strong today we could be looking at a possible basing for a bottom, but I think a more likely scenario is that upside is capped and we break lower soon.
Good luck.
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