Today the Federal Reserve meets and is likely to announce a 1/4 raise in rates. This would be the 13th straight time the Fed will have raised rates. Of course now that the street is expecting a 1/4 point, the actual language that is used becomes the catalyst for the immediate market direction. The market was not interested in making a move prior to this announcement yesterday and today it appears to be on the same path. A path to nowhere.
Combining the Fed meeting with the fact that this week is options-ex, it would probably be a good thing to stay in cash for the short term. Therefore, I'm long the December QQQQ 42 puts! Trader Mike stays out of the market altogether during options-ex week. Here is a good description as to - Why I Avoid Options Expiration.
Good trading!
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