SPDR S&P 500 (SPY)

[gdl]

I looked at momentum indicators as well. we have been rising thru this drop. Bought SPY options expiring next week at 208 (calls).

the fundamentals are screaming no recession, therefore any drop should be temporary. that doesn't preclude a deep drop just not a show stopper.

In fact I am as confident as I ever was that rate hikes will be seen this year again. Watch the cumulative affect of years of easing. it seems to be here. I would expect a 3 to 4 GDP number before we close out this year. That's the biggest reversal ever seen. Perhaps I am overstating the number but it is very doable.