Benzinga Options Outlook for the Week of July 1: Not a Delta One Traders' Environment!

SPY

has retraced a good amount since topping at 169.07, currently sitting around the 160.40 territory. Volatility traders have been doing the best in this environment, and with all this chop, it's very hard to find any type of daily follow-through with the gap-and-go, gap-and-fade action. This means the environment is very harmful to, what we call, Delta One traders; the guys going for a day trade simply by going long calls or puts. The options sellers have been making the most money. Names to pay attention to and how they've held levels over the choppy bearish weeks are the big tech names

,

and PCLN

. These have been holding up very well and show significant signs of strength. Banks are lackluster as usual, but the anticopatioin that there will be a show of hand where the true direction will be in the next week. Depending on how we trade out from here, this could either be a bear market bounce, or a bull rally in the brewing. Stay tuned and watch your positions.