Looking back at today, the one thing that would stand out is the breakout in the SPY along with a meaningful decline in VXX. Both of these signs say that the market will probably have a small low volume rally for the coming days. I do not expect a runaway move because the volume is very low. I would have a bullish bias until I see a topping candle. This could be a doji reversal or a bearish engulfing candle. Either one of these signs will tell me the market is going to break down. I think that the opportunity lies in individual names rather then playing SPY.

A few names that I was looking at today are LinkedIn (LNKD), 3D Systems (DDD), Netflix (NFLX), and Apple (AAPL).

I think that LNKD offers a good risk/reward for a move back above 200. The calls are not very expensive and with the RSI so low you could very well see a 2-3% move up day this week.

DDD is a name that has a huge short interest and could have a monster short covering rally any day. I do not like the fundamentals on the name but we could be in for a 2 day rally. I am long the 23 calls.

NFLX looks strong as every however the options are so expensive so therefore I will not be playing it.

AAPL rallied today off of the Icahn letter, something that investors expected would be released. I like AAPL long-term but I do not see it gaining more than a few dollars over the coming weeks. It is very hard to play AAPL through options because they are so perfectly priced. And because AAPL usually does not have unexpected move it is hard to make more than 100% playing them. Therefore I will not be playing for a move higher.