🚗 Idea for QQQ and HYG Post-Fed

[] [The daily rundown of everything happening at Option Pit.]( [( Mark-et Open Griff here with the Chart of the Day. Powell kept the hawkish rhetoric up for today’s meeting … He did not give the bulls any love whatsoever … So, where does that leave us? … As you can see below the US Dollar wrecking ball was just given a huge boost and that is not good for stocks or bonds. [ If the Dollar trends higher … stocks (especially tech) will trend lower and so will bonds as foreign holders will need to sell them to support their local currency. I am sticking with my plan … Sell QQQs and HYG on rallies and buy great companies on capitulation trades for nice bounces. Today I purchased 3 HYG NOV17 74/72/70 put butterflies at .37. Eventually HYG will collapse as the credit crisis spreads. We could see a repeat of 2018 with a capitulation of stock in the 4th quarter. Let's Go! [ Trader's Edge: Fed Day Update Video It’s a special trading day today and I have a Fed Day Update for you. In today’s clip, I cover… Intel vs. AMD: We have a notable pair trade open in [Nitro Trader](: INTC hovers around its 50-day moving average, while AMD is showing promise with a potential rally. Vodafone and Telecom: Vodafone hits six-month highs, joined by telecom giants like Verizon and Comcast on an upward trend. Apple’s Weakness and Oil’s Resilience: Apple continues to struggle, while oil experiences a minor dip but is expected to rebound. Retailers in Trouble: Dollar General, Target, and others struggle to find stability, but Macy’s might be a hidden gem. Federal Reserve Drama: The market eagerly anticipates the Federal Reserve’s move, watching bond markets closely for potential surprises. Gold’s Rally: Gold is making a comeback, with significant bullish interest potentially pushing it to $1,850. Goodyear Tire and Rubber: A mysterious trader shakes things up in Goodyear Tire, sparking curiosity. Market Predictions: I expect an initial market pop after the Federal Reserve’s announcement but I think the market might underestimate the likelihood of rate hikes in November and December. Upcoming Market Scenarios: If my prediction holds, the S&P 500 could test 4,400, but a different outcome might see it soaring toward 4,600. Tonight's Event: Licia Leslie is hosting a Charting and Candlesticks Masterclass tonight at 7:00 pm ET…[and she’s giving away a free trade for all attendees. Sign up right here.]( Watch today’s [Fed Day Update right here…]( - Mark [Join Licia Here]( Power Income Trader: What to Expect from the Fed This Fed meeting is the 6th one in 2023 and tomorrow the Fed will keep the target federal funds rate at 5.50%. Do not expect a pause, this will simply be a skip following a skip in June and a .25% hike in July. The real action will be the always entertaining “dot plots”, which are forecasts offered by the governors of the Federal Reserve System as well as the presidents of the regional Federal Reserve Banks. [Today, we’ll look at what the dot plots may show and when the Fed may pause or hike again.]( - Griff Profits in Pumps: A Doji in TSM, Perhaps? I am so excited to see you all tonight! [Don’t forget, 7:00 ET is when we begin.]( So grab your favorite drink, sit back and relax... [I have a new trade idea in AMZN here...]( While I tell you all about my trading program Option Shopper. How it combines technical analysis and cheap options to make nice profits. You will see all the technical analysis tools we use and how to shop for cheap options. I will also let you in on how I am trading 0DTE options for explosive gains. It has been super fun and profitable! Come join me and check it out. [Here’s a new trade idea for TSM.]( - Licia AG’s Views: I cannot let this Robinhood go… From the Desk of Option Pit Director of Education Andrew Giovinazzi. Maybe the Sheriff of Nottingham said this many times about Robin Hood the vigilante. Right now as I look for bargains, the low cost of calls are jumping out at me like crazy. Robinhood Markets Inc (Ticker: HOOD) Jan2024 10 calls are on 1.23. HOOD has been as high as $13 this year. [ Just as a reminder as the Fed shakes their collective fist at the insane US Gov spending levels, grab a little more duration in the lower VIX environment. I even went as far as Jun2024 for calls. -AG OPTION PIT GLOSSARY [( There are plenty of terms in the trading world that need defining. The [Option Pit Glossary]( is here to help. Today's phrase is: Day trade - Any securities trade where the trader enters and exits on the same day. Also known as 0DTE or Zero-Days-To-Expiration. 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