TRADING WEEK JUN 21ST -JUN 25TH

The market finally broke out of its tight range this past week with the FED warning of rate hikes, although much further down the line. The possibility of major tax hikes on capital also rattled the market. The intraday trading ranges for SPY were 2.27, 1.92, 4.95, 3.70 and 3.13. While that was an improvement over the previous week it was hardly a gamma scalper's paradise. New Home Sales come out at 10:00am ET on the 23rd. Personal Income and Consumer Spending come out at 8:30am ET on the 25th. FDX and NKE release earnings after the close on the 24th. If you think that there will be follow through to the downside then buying the SPY Jul 12th - Jun 28th put time value spread for 2.25 would be a good start.