Options Outlook for the Week of November 11: Outlook Still Very Bullish
Outlook this week is still very bullish.
Last week, the bulls were tested on Thursday as markets made a giant flush after very nominal economic data. It was the first time that many traders were looking for the rug pull to occur and go for overnight shorts.
Unfortunately, this was short lived as Friday proved a great dip buying opportunity for the bulls. The high flyers such as Priceline.com (NASDAQ: PCLN), Google (NASDAQ: GOOG), Apple (NASDAQ: AAPL), LinkedIn (NYSE: LNKD) have all shown significant strength, and this time around the banks showed follow through to the long side as well.
Overall bullish sentiment is still around, although buying breakouts would probably prove futile due to their short lived nature in the current market conditions.
Traders should probably dip buy until the S&P 500 (NYSE: SPY) gives out.
Check out the video below for a recap of this week's outlook.
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