9/17 Recap

Tomorrow is the big day and sure enough, we’re getting a world of confusion heading into it. We broke above the previous highs on the SPY this morning but are currently back below 565.16, the previous highs. You want to see us start building above that, otherwise we’re just toying with resistance. We are a bit extended from the 8 and 21 ema, so a pullback to test those wouldn’t be shocking, but a breakout above could lead to a bigger move as this is a 2 month base here. Until FOMC passes, we are in no man’s land. I would say lighten up where you want, we’re at highs, it has been an amazing year, and keep things you want longer term, this is a great opportunity.

Microsoft

Speaking of, I exited my position in MSFT today in the premarket at 439.xx. I noted taking that position back on 9/4 here with this post. I was expecting a 10% move to 445 on a dividend hike of the same amount during the next earnings, for some odd reason MSFT just did the dividend hike last night and the stock followed suit over 440 today. I think MSFT is a forever stock, one of the few, but this was a trade for me and I freed up the cash until after the fed decision.

Recent Trades

MATV - 1 week ago I highlighted this really odd call buy here and MATV was below 17.50 at the time, today it is 19.50 and up 12% in a week.The calls below have gone from 1.70 to 3 in a week for a monster move and this has been an incredible trade if you followed.

Today’s Unusual Options Activity

Here is today’s link to the database, as always it will expire tomorrow at the open, the rest of today’s action will be added by the afternoon and you can check back then for updated trends.