SPY WUT THE F E D

Full steam ahead! People have been waiting to be right and todays CPI numbers confirms they are for now. Congratulations are in order for those who had calls from yesterday’s low and for those who had puts I hope you had a risk plan in place. Let’s see if this rally has enough legs to continue tomorrow I’m sure there’s FOMO kicking in. Please don’t get me wrong 7.7 is high, but people are betting on the feds pausing or going with a small hike since the odds of a 75bps went to zero today. Soft landing in the horizon? Of course everyone is talking about shorting at 400 just be careful bull rallies in a bear market are gnarly you never see a 5.50% day in a bull market only in bear markets. Today was a lot of buying the shorts haven’t covered yet I’m sure some have but not all so the squeeze is in play tomorrow and next week. The feds that talked today all said the same thing they are raising rates and don’t want to stop early. Bonds are acting the way they should be the 2 year down 10 year down like I said yesterday when the 10 year dropped its a bullish sign. The reason for all the red yesterday was just election uncertainty today is the mark of the rally let’s see. The big question, is the bottom in and I believe the answer is no this rally will give the dollar a nice breather and create a lot of good liquidity to get out of positions. I won’t lie I didn’t trade today my head was not in it because my gut knows that this isn’t right but tomorrow game on I have rare 3 day weekend when the market is open. Time to chill and watch one of my favorite movies that just hit HBO THREE AMIGOS it’s been so long nobody ever streams it. Have fun out there enjoy life. As always trade what’s in front of you good luck