Oil Down - Watch For Rotation Out of Basic Materials and Into Tech

One Option Trading Blog http://ift.tt/2gM9KOn Posted 9:30 AM - Monday the market was able to rally off of the SPY $219.25 breakout and it held the gains. Stocks are inching higher before the open and the price action looks decent. Oil is retreating and that should weigh on basic materials stocks. They are a bit over-extended. Watch for a rotation back into tech. ISM services came in better than expected yesterday and global economic conditions are improving. The trading range was very compressed yesterday after the initial move. Volume is light and it will remain that way until the FOMC a week from tomorrow. I expect …