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Correction Done

It's agreed, the correction is over and the markets are moving back on track to its recovery mode...well, at least that's validated technically as market values have held major support benchmarks and resistance levels have broken. 

Put option activity and volume has given way to more call volume and Put/Call ratios have pushed into bullish sentiment as per the CBOE. 

So, with the apparent correction over, we can now assume a bullish outlook on positions, right?  Um, I'd suggest continued caution, but certainly there are short-term options plays that can be initiated with good support levels and resistance levels. 

Recent economic data show inflation contained and manufacturing continuing to expand.  Housing data however, was disappointing as home builders hold on new starts as concern prevails over consumers ability to or desire to purchase new homes.

Summary:  Consider that the remainder of June is likely to range as the Summer goes into full swing and most are waiting for Corporate Americas earnings data to provide the catalyst on buying or selling.

CTM trades:

AAPL - June Bull Put 260/250 limit credit of .40 with expectation that share value remains above 260 through Friday.

RIG - June Bull Put 45/40 at a limit credit of .40 with the expectation that share value remains above 45 through Friday.

Disclosure: long on AAPL and RIG