Market Update

There's a bit of intraday weakness in 3C on 1 min charts apparent on the averages and Index futures, consistently, this however (at this time of day) is not a major concern, but I will be looking for any possible opportunities it may create.

As you know the QQQ/IWM hedge / long call positions opened last week/Friday are mostly expiring this week, most (I have what I consider 2 positions, QQQ and IWM, but you may recall the second part of the QQQ calls I added in April). Two of the 3 positions are in double digit gains, 1 is right at break-even, I'd like to sell them in to upside volatility, the best place I can think of to find that is on an F_O_M_C knee jerk reaction which is tomorrow at 2 p.m. as the 2-day meeting ends with the policy announcement tomorrow afternoon, that's cutting it close with about 2/3rds expiring Friday, so I'll try to be patient and see what the market is telling us in advance, we have caught F_O_M_C leaks several times, not often, but with massive foreign selling in the F_E_D's custodial account last week, they may just hint at taking up that slack.

Otherwise these positions were intended as hedges and as such I have no problem letting them go at a small gain or even a small loss as the large short exposure will more than make up for it, but my gut is still that VXX and therefore the market, will need at least a reversal process so I'd normally think I have more time, the F_E_D becomes the wild card, but perhaps a useful one.