NQ Update

I don't recommend any long positions until MFI gets oversold.

Looks to me like we broke the purple line and it's headed to the next green line. The ultimate bear scenario is that it breaks that line and resumes the original down channel.... but I'm not quite that bearish.

This is a bear market, you do not buy the dips. If you're doing bull trades in a bear market, your timing has to be near perfect. I'm not planning on going long, but if you are, at least wait until Monday. If anything, it takes more than a day to price in a rate hike. I'm talking about the July rate hike, possible .75.

Expect sector rotation tomorrow, probably a whipsaw day with a reversal pattern because of options expiration. Could be a bull trap though, I really don't recommend holding any long position over this weekend.

Comment:

BTW, my only recommended pre-Fed trade was doing a straddle, I said maybe GM.... which would have cost you $1.50. GM is down over $3 since is said that, so you could have doubled your money.

That is the safe way to play the Fed, I did not do it though, lol.