The markets gave back a bit today after testing highs yesterday. All three majors came out of the gates strong on Monday morning, breaking and setting new highs, but none of them could closed on those highs. Today was a different story, as all three majors opened lower and closed on the lows of the session.
The Fed could have been a factor in today's move as officials made some hawkish comments on rising oil futures and a weakening dollar. We will hear more specifics tomorrow in the FOMC minutes scheduled for release at 2 pm ET.
We could see some more selling and the markets can absorb a few days lower here, so try not to make too many adjustments to your positions. We are closing in on another monthly option expiration date this Friday. The last few days before expiration can make or break many combo trades, so stick to your plan.
See you on Wednesday's Mid-Week Trading Room Update class!
Have a great night,
Your Maverick Trading Team
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