They are setting up for the FOMC meeting. Selling stocks and bonds together. Post opex weakness and FOMC coming up on Wednesday is a double whammy on SPX. There is decent support in the 2725-2730 area . I was considering buying the dip on Thursday but I decided to wait because of the complacency I was seeing in the low put-call ratio on the day. We'll see how traders react to today's weakness, if the put-call ratio can get higher today than last week, I will consider buying near support around 2730.
Still thinking about the game plan ahead of the FOMC meeting Wednesday, but I am leaning towards a rally in stocks and bonds after the meeting as I don't expect Powell to be as hawkish as he was in his Congressional testimony.
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1 comment:
well that was brutal...
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