For not much reason other than what seemed to be an effort to try to “fix” SPY after losing a point from ex-dividend, the market gapped up Monday, only to give back most of the session gains. While advancing issues numbered high, overall volume took a dive, so the big boys may still indeed have that sinking brexit feeling. Even after the slow grinding backfill (A tough reminder for this system trader that even though it’s tempting to have a “gap up 1%” sell rule, backtests have shown that approach to be less profitable over time), we still managed to squeeze out a small gain (less than 1%) on our SPY calls at the close. -MD
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