Benzinga Options Outlook for the Week of September 9: Light Market Data This Week

Rumors and news from Syria last week and this week are causing a lot of volatility and choppy trading environment, so keep positions light and short, otherwise you're likely to lose your premium very quickly.

Light market data this week, so nothing to cause a real broad market move. Traders are likely to hear about Fed tapering based on the jobs report that comes out Friday.

Key levels to watch on the SPY: 167 topside, 164 short side. Since Bank of America (NYSE: BAC) is holding over 14 very well, it's likely not in a short market just yet, even though the high fliers are looking tired.

Check out the video below for a recap of this week's options action.