The last time we posted one of these we were shorting repeatedly at resistance and got a nice ride down. This time we are not because of the imminent Fed announcement. We *might* change that stance if we break sharply higher ahead of 2:15, depending on a number of other things including how far and how fast. SP Futures Hourly Chart - 17 June
We are just scalping ahead of the FOMC in the index options, but added quite a bit to our short oil/long gold cross trade. We might alter the proportions on the announcement.
We will wait to place more durable equity positions until we see something decisive. With the exogenous event of the Fed announcement ahead this *could* be a V-bottom.
Keep an eye on the dollar, and especially the cross trades with the yen and swiss franc, and the euro as always.
Here is the chart on DUG which is the oil/gas ultrashort ETF.
