9/22 Best Idea For The Week Ahead

Friday afternoon went well, we had our highest weekly close on the SPY, the market held the breakout and things are looking very good right now, just keep your stop losses in place, you do not want to see a close below that 565.16 level.

Tech stocks are finally participating in this rally and the QQQ is up over 7% in the last 2 weeks finally back over the 8 week. If tech can confirm a breakout over 503.52 this market could be set for much higher, but tech has to lead the way, the rest of the market is very extended.

This week’s best idea is playing a name into a binary event by selling put spreads a week before that big event. The name should run into the event and we want to catch the move beforehand and let the option premium decay on our behalf.