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$SPX - ignore the short term noise and look at the big picture. There really is not much bullish about this chart. Lower highs and lower lows. We are near the top end of the range as we head into a seasonally weak period. On top of that, the Fed has essentially backed itself into a corner where it cannot lower rates and cannot kick off another QE program shortly after raising rates without forfeiting all credibility. So, the upside from the upcoming June Fed meeting is limited (do nothing), but the downside has been totally discounted by the market at this point. To me, this presents a rare opportunity for asymmetrical returns for those willing to buy index puts at this juncture.


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