The FOMC is meeting this week and will announce any interest rate changes or new bias tomorrow about an hour before the close of trading. Coincidentally, that is exactly on Wednesdays when I usually send out a "Mid-Week Update." I won't have enough time to write up any further analysis of their actions or lack thereof tomorrow. Suffice it to say, "it won't matter". Another benefit of going out to September with our current QQQ put is that there is still plenty of time for a generous profit. My eyes are glued to this QQQ 120 Minute Trading Model, which remains steadfast with its expectation for a third wave down at multiple degrees of trend. QQQ 120 Minute Expect some support at the lower trend channel, right here, right now. Then, look out below. Needless to say, a surprise rate cut could pull the rug out from under this bearish pattern and send the market soaring...for a day or two. Trade Management An FOMC news-event is the immediate risk to these puts and if you don't want to take it than consider at least a partial exit anytime before mid-afternoon tomorrow. The other side of the coin is that the option has until Sep 20th to play out and it has 10X potential. Just two weeks into this trade and it is up 180% and QQQ has made new summer (Jun-Jul) lows. If it ain't broke....etc, etc.
