The market's professional gap today was lead by the Semi and Bank Index's. The NASDAQ posted one of the highest volume days so far this year, likely due to Intel's earnings. We touched our 1205 target on the /ES and the next long setup would be 1196.75. Today we had a Put/Call ratio close of 0.56, a sign to get short, however we will still look to buy the 1196.75 level given the risk/reward of 4:1. Watch for a failure point of 1193.00 in the /ES.
Remember options expiry is Friday so we could see some wild price action in the morning and we are getting into heavy earnings season. Make sure you're aware of earnings announcement on the stocks you're following.
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