TRADING WEEK AUGUST 26TH-30TH

There was only a 1.3% drop in the SPY week to week. That doesn't seem like a lot. The market did make a slow and steady climb upward with the only hiccup on Tuesday. The intraday ranges from Monday through Thursday were 1.54, 2.40,1.14 and 3.53. Not much to speak of until Thursday. That was the calm before the storm. As so often seems to happen due to interest rate chatter and tariff uncertainty the bottom drops out when things start to look complacent. On Friday the range was 9.29. If you were net long options (positive gamma) you would have had a field day. A positive gamma, positive vega position would have cost you money earlier in the week with the lack of range and less demand for options. A strong stomach was definitely needed to hang on. There are no earnings reports of any significance this coming week. Consumer Confidence comes out on Tuesday, August 27th at 10:00am ET.