One Option Trading Blog https://ift.tt/2vr6vlg Posted 9:30 AM ET - Opposing forces have trapped the market. Strong earnings reports have been offset by political crosswinds. We are likely to tread water in a tight range for the next month as traders and politicians take time off. Apple reported better-than-expected profits and this news will stop the bleeding in the tech sector. The NASDAQ 100 is below key support at $178 and we are seeing rotation into other sectors (financials, energy and industrials). More than 80% of companies have exceeded earnings estimates and valuations are reasonable at a forward P/E of 16. Domestic economic growth has been …
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