GM again game plan since last week FOMC decision tomorrow last biggie of the year. Since the December 3rd we said this is not a good time to trade directional because you get hurt here w stops losses it is typical of a mid December mid January time frame ALL EYES ON THE ROUND NUMBERS RESISTANCE 1800 ES and DOW JONES 16,000 retest.
Expect ping pong especially when the FOMC decision comes out. Best is wait for the important support DTZ 1770-1773 to be test again and initiate OTM credit spreads on the SPY or very small SPY directional longs my problem is that we start having lots of resistance at ES 1799-1809 and the market has already got a big move for the past few years so be careful especially nobody knows the taper reaction typically on Thursday the market settles from the decision but many PROS want to get out of town for Christmas so expect by Friday 12 noon markets with light volume do be done till next year even better mid January.. BOTTOM LINE FOR ME I STAY MAINLY IN CASH NOW small on everything and very few trades 1-2 per day top.
** CL and 6E are completely frozen here waiting for the FOMC a spike down on the 6e to DTZ support will be a buy for me as fas as the CL be careful it is in the range 96-98.85
** AAPL if we can hold the 540-550 area would look to a new high re test possible around or at earnings this I play with OTM credit spreads around 535-540 the big money we already did it.
** GOOG and AMZN may try to test round numbers resistance but be careful to chase here all should be very careful in small sizes OTM for protection no directional options on these you will get crucified unless small sizes.
SEE YOU TONIGT FOR THE OPTIONS SPECIAL LAST BLAST WE WILL TAKE SOME EXAMPLES IF YOU ARE ADVANCED IN OPTIONS YOU MAY PASS IF YOU IMPORTANT REFRESH COME 4:15pm est regsiter below
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