Chart update for the weekly forecast.
Chart update for today's SPY levels from the morning.
> Flattish day with relatively wild swings. The Fed statement caused a lot of action even though they said nothing new about changes to policy.
The FACTS have not changed. Only SENTIMENT is a variable. So, I don't do anything different.
- They now acknowledged INFLATION. But they called it transitory = ignoring it (even though it's their job not to do that).
- They also said that things are improving (duh, we threw $5 trillion at it).
> Conclusion? Nothing new that is actionable.
Also remember the Q&A session coming. That's a wild card because it's off script. The media has an agenda and the questions to Powell will focus everyone on that.
> Trades available for today?
- MSFT, PINS to name two are falling knives (not too bad). They are worth catching. I check them out and nothing screamed at me yet.
- There are breakouts like in VFC for example. It has open air potential above (I skipped it).
- I am still leery of what I am seeing so I will punt another day on new trades of size.
I am still long a few things like SQ. Short the SPX / SPY for balance. Also short MU since 2 days ago. and a lotto debit put spread on AAPL (for fun into the earnings).