Option Millionaires

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The post-Powell speech rally has been wiped out (395.34 -4.25)
A week ago, the S&P 500 closed at 3,957.63. It is currently trading at 3,954.90.
In the wake of Fed Chair Powell's speech last Wednesday, the S&P 500 shot higher and closed at 4,080.11 that day (November 30).
The entire move has been retraced, demonstrating a recognition that the market overreacted to the speech and the notion that the terminal rate might not go as high as previously expected. Yesterday's article in The Wall Street Journal by Nick Timraos, which suggested wage inflation could compel the Fed to take its benchmark rate above 5.00% in 2023, has been a catalyst for reining in the market's enthusiasm.