Dow: -63.07…
Nasdaq: +20.39… S&P: -6.95…
Each of the major indices was down as much as 0.8% today despite some upbeat economic data, but they closed well off session lows with the help of technical factors. The Nasdaq (+0.1%) eked out again, while the S&P (-0.2%), Dow (-0.2%), and Russell 2000 (-0.1%) closed slightly lower.
I don’t trade options, but many do, and tomorrow could be interesting because there has been so much retail volume in stocks lately. Tons of options have traded in the meme stocks and more recently all of the “short-covering” plays, so there could be some outsized and exaggerated movement tomorrow.
We may get a dip tomorrow but I feel like we will trade higher into the Fed next week.
Market breadth was poor for the SPX today and just OK for the Nasdaq.
P&L here.