SHOP IC Thx Jeff
KSS BuPS This was rolled from last week

US futs are screaming higher…. currently up 10 pts as the recovery continues……Across the pond (that would be the Atlantic Ocean) German and Eurozone CPI figures were in line. Euro mkts are all higher by 0.75% or so…. It’s all good…

The S&P closed at 2581.00 – So today’s circuit breakers are:

Level 1. 180.67 pts (7%) or 2400.33
Level 2. 335.53 pts (13% total) or 2245.47
Level 3. 516.20 pts (20% total) or 2064.80

Rough day in the markets yesterday. But as we’ve been saying, the volatility is here to stay for a while as the markets carve out a new base.

But this pullback is transitory in my opinion, and I think we’re getting close to the end of this correction (if we haven’t already seen it).

I have support for the Dow at 23,500, which is only another 1.53% below yesterday’s close. And I have support for the S&P at 2,550, which is only another 1.22% below yesterday’s close.

The media will over-sensationalize the recent pullback. Don’t listen. This is normal market behavior after a spectacular, correction-free run-up over the last two years. This is healthy. I know it feels terrible. All corrections do. But I believe this is just that – a correction in a historic bull market with lots more upside to go. And not the beginning of the end.

The underlying economic fundamentals are strong and only getting better. The interest rate hysteria is wildly premature. And there’s nothing on the horizon to keep this market from continuing its uptrend.

Just have to patiently endure this correction. Part of trading and investing.

In other news, Weekly Jobless Claims fell more than expected, declining by -9,000 to 221,000.

And Chain Store sales showed retailers are “reporting accelerating rates”.

Once again, more good news on the economy.

Will be interesting to see what the market does today. But if it’s down, don’t despair. Corrections are normal. And healthy. And when it does go back up, we will have a new base underpinning the next leg higher.

Best,

BTC SPX Feb 9 2645/2640 2.75 loss 260.00

BTO Diag Apr 87.50 Sto Mar 16 90. .57
Unusual Option Activity today

https://mailchi.mp/oneilsecurities/morning-thoughtsshock-and-awe-inverted-vix-halted-no-sht-try-the-potato-and-eggs?e=3e82e082cd

Spending some time reviewing Chris’s (from ST) Videos on UO

Very Interesting, seems to sink in a bit better this time around

https://www.zerohedge.com/news/2018-02-04/things-are-finally-starting-get-interesting

Rolled 265/262.5 BuPS to next week .18 total Cr .44

Rolled KSS 65/63 BuPS from Feb 2 to Feb 16 .26
Increased Cr to 44.50 after Comm

LNG
Closed FB 170/167.5 Feb 2 Earnings had 52.5 net cr closed for .14

ULTA, WDC, LNG,SPX and 1 loser DHI