The news flow has positioned the FED as doing nothing. Assuming this to be true, perhaps we get a small very short selloff when they do nothing then the market takes off to a new high for today.
On speculation of the ECB doing something big the next day.
Just my thouguht on how this is more likely to play out. But I don't yet have a feel how I would play this on Thurday.
I did buy SPY calls at the close yesterday, Aug 3 139 call at 0.65, got lucky and sold them on the openning for 0.98. FWIW, I had put in a day order limit to sell at 0.95, the big pop open got me 0.98. It was a small position, I was not very convinced about what should happen at the open.
EDIT: I had bought some Aug 03 138 puts at 0.92, but too quickly sold them for a $1 profit. :) Including comish.