Trading yesterday reversed the downward pressure from a strong support line, and allowed the market to move to a strong resistance line. Astute day traders were able to sell the Jan460C to highs of 2.70 (right to our top), from a 1.50 buy the day prior, and to trade the Jan420P from 12.80 to 14.00. Tight profits seem the way right now as the market is swinging in ranges.
We see today with light trading, and Friday also with the real traders off the floor and the kids playing. We will have end of year sell off, and new year purchase, and both signals we've been using remain strong, with puts losing steam.
Simply put, trade for tight fast profits, noting the potential for a bit more call upside, but dual trades highly likely.
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