Benzinga's Options Outlook for the Week of June 24

SPY action last week dictated strong sentiment to the downside with post FOMC comments via Ben Bernanke himself, indicating a slowing in QE efforts going into 2014. Overall reactions were negative two days straight, as SPY took a nosedive into Friday, with a small rebound. Spy also went Ex dividend, causing interesting ETF balancing while traders couldn't find the market tempo. Call wing volatility is demolished as Put buyers went crazy for the downward frenzy. Risk/Reward is on the traders side to buy OTM weekly calls in anticipation for the bounce. Find your best movers in the previous bull weeks, such as the red out techs with PCLN GOOG and AMZN for the long side. We would be swing long from Friday into this week for a nice dead cat bounce.