Benzinga's Options Outlook for the Week of June 24

S&P 500 SPY action last week dictated strong sentiment to the downside with post FOMC comments via Ben Bernanke himself, indicating a slowing in QE efforts going into 2014. Overall reactions were negative two days straight, as SPY took a nosedive into Friday with a small rebound. SPY also went ex-dividend, causing interesting ETF balancing while traders couldn't find the market tempo. Call wing volatility was demolished as put buyers went crazy for the downward frenzy. Risk/reward is on the traders side to buy OTM weekly calls in anticipation for the bounce. Best movers likely to be found in the previous bull weeks, such as the red out techs with Priceline.com PCLN, Google GOOG and Amazon AMZN for the long side.