NaughtyPines
Short

FXE -- PATIENCE REQUIRED TO ADD SHORT CALL VERTS IN SWEET SPOT

AMEX:FXE   GUGGENHEIM CURRENCYSHARES EURO CURRENCY TRUST
"Darn it," you say to yourself when you miss an opportunity and have to wait another "who knows" for it present itself again. Immediately post-FOMC, FXE             (the Euro/USD proxy) edged up to the "sweet spot" between 112 and 113, only to quickly retreat again toward 110 -- an opportunity missed to milk the instrument one more time before the end of 2015, by the end of which Janet Yellen indicated today that a rate hike would occur ("Mmmm," you say? "How many times have we heard that before?").

Like Barney says on "How I Met Your Mother": "It's going to be ... wait for it ... legendary ... ."

As indicated in previous posts on this subject, look to enter a short call vertical with an ideal expiry about 45 days out, with the short strike of the spread above the 112 1/2 or 113 strike ... . Tread carefully around expiries that will closely coincide with the next FOMC, however.
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