FOMC Minutes Might Provide A Little Action – SPY Trapped Between $215 – $217

October 11, 2016
Author: Peter Stolcers, Founder of OneOption

Posted 9:30 AM ET - Up one day and down the next. That pattern continues to repeat and the market is trapped in a tight range between SPY $215 and $217. We continue to wait for the next news event hoping that it might force a breakout/breakdown. The FOMC minutes could provide a little action tomorrow. Fed officials are very divided and we might gain some insight on how anxious they are to hike in December. The soft jobs report came out after the FOMC meeting so that will NOT be factored into their comments. Earnings season will begin after the close, but the releases won't crank up for another week. The volume was anemic yesterday and it should improve today. We are seeing decent opening moves and then the market stalls the rest of the day. Down opens have been great for us so I'm looking forward to trading today. We will find stocks with relative strength and we will wait for market support. Once it's been established we will buy these stocks and we will set passive targets. There should be one good bounce today and that might be all we get. Support is at $215. Keep your size relatively small and reduce your trading activity. This is a low probability trading environment. . . image

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