No Market Rally Until Support At SPY $204 Is Tested - If It Fails - Buy Puts

One Option Trading Blog http://ift.tt/1ThDEqn Posted 9:30 AM ET - Last week the market bounced off of support at SPY $204. The move was brief and shallow. I believe that the support level will be challenged again this week and it is likely to fail. China's retail sales and industrial production were little light. The PBOC will save the day if needed so the damage was contained. We will see a similar situation this Wednesday when the FOMC minutes are released. The comments will be more hawkish, but the dismal jobs report will soothe rate hike worries. This rally was created by central banks so we …