Hi Traders, the S&P 500 finished a fifth positive week, up by 0.8% for the week and finally in green territory for 2016. The market was helped up by two main factors: The FED announcement regarding the slow down of the rate hikes, and last Friday’s option expiration. Most expired options were PUT options, therefore option writers had to close short positions, which helped the market move up.
What’s next? I will repeat exactly what I said last time: The market is at an over bought territory, therefore will pull back down. When? Hard to predict, however the big test is coming.
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