Market Overview

May 9th Watchlist

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Jobless Claims hit at 8:30 this morning and drove some buyers back into the futures. The major newswires are citing possible Chinese inflation as a reason for the weakness this morning but it seems like another event that the dip buyers will push aside in hopes of prolonged strength in the US equity markets. Most sectors, however, are in the red here before the markets open and futures will have to push towards high of yesterday's session to really drive these names back into the green.

Green Mountain (NASDAQ: GMCR) & Tesla Motors (NASDAQ: TSLA) are the big movers in the afterhours session off their respective earnings releases. Both stocks are up significantly over their closing prices so if scalping is your game, I'd watch these two for some quick directional trades off the open.

It's possible the market really starts to consolidate up here and stocks go back into a choppy environment which means going long puts & calls will prove to be quite difficult. This opens the door to some writing options strategies that capitalize on the non-movement as well as time decay.

For those traders who are trying to pick the top here and catch the short trade, they're not going to make it easy so you could be on standby for quite some time. It's also an easy way to rack up losing trades, putting you in a position of having to dig out of a hole. Let the price action guide your actions folks!

GOOD MORNING YOUNG WORLD!

 

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