The FOMC came in pretty much as expected and it looks like the rally in risk seen over the last 4 sessions is about to reverse. Reason is that several markets failed at some key resistance levels. S&P 500 futures failed at the 1293 level that I mentioned in the report, which should open for a least 1275. Crude oil failed to take out 96 resistance. Euro failed at 1.4450. So several indicators point to a dip over the next few sessions.
Trading wise I did some minor adjustments in the Crude structure, sold one additional 96 AUG call for 2.30 USD. I also put on a Corn structure, long 2x futures and short 6x 730 Aug calls. No change in the Euro structure, looking to hold that to expiration now unless my stop at 1.4420 in the Sep mini futures is taken out. Ideally we would expire around 1.42 on Friday.
Sold 2x 1300 end of month calls in the S&P 500 emini, receiving 700 USD in total.
Will be interesting to see if we break lower tomorrow as I expect, I am at least positioned for it.
You can see the complete trading log here: trading log
Good luck
Daily blog with thoughts and comments on the futures and forex markets through the eyes of Per-Erik Karlsson, Ceo at Avantage Financial, Switzerland.
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