Replies to post #377489 on SPDR S&P 500 (SPY)

[Staypositive1]

just took my profit on the short....looking for a double dipper. we shall see

[imiloa]

nice work on the multiday calls!
near-term put scalp before fomc report 14:00 EST seem apt, too,
but risky?

i'm waiting to see what happens with fomc report.

after fomc reports,
there's typically an initial headfake
then a strong move in the opposite direction,
which can profit nicely with expiring options.

def an iffy play,
but it's played out
far more often than not.

with SPY punching steeply back above dsma200 this morning,
and finding some support @ dsma10 thus far today,
i'm guessing the post-fomc move today
might be an initial headfake downward,
then a relief rally into close,
on news of no hike today,
and possibly fomc signal of no additional hikes anticipated soon.

either way, seems best to keep all trades on a short leash today.
after 2.5 days of rallying, bears are likely hungry.
especially with iran likely getting roped into israel-palestine crisis soon.

but i wouldn't be surprised to see another rally into close today
driven by rate-relief exuberance,
reactionary additional short-covering (continuing from mon/tues),
and general anticipation of seasonal xmas rally
potentially starting sooner than later,
after a long slide down last month.