Just one more day until FOMC, folks! Exciting, isn’t it?
Having gone from 100 shorts to 37 (and intending to cut further before Janet), and actually having a couple of large long positions, it’s far less distressing to see ES and NQ up so strongly. I didn’t chop shorts arbitrarily; I tried to keep those whose charts looked so outstanding, I wanted to hang on to them, maybe even though FOMC. One of them, 3M, is doing good things this morning pre-market. It’s one of my largest remaining positions, and apparently things aren’t going so hot in the land of Scotch tape and Post-It Notes. Here’s a short-term chart as well as an arrow indicating pre-market trading.