The Bears finally win one. Of the stocks I am holding:
MRK Merck gets hit hard on an analyst downgrade. The glass half full interpretation is the filling of the gap. (I am short the July 50 MRK puts)
BBY Best Buy breaks support at 45. I am looking for 43.25. (long the July 50 puts)
TXN Texas lower, still above strong support at 35. (long stock, short the July 35 calls).
The calendar still has a bullish bias until early July. The election cycle is modest support. However, as of this writing, I am looking for more bearish days into the summer. July to early October are statistically a weak time for the stock market (sell in May and go away and buy back in October).
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