July 27, 2022
Intraday Update: QQQ, SPY
Fed days are always interesting, though not always smooth trading sessions. With a deluge of earnings-related news from yesterday and this morning, an already-busy day will get even busier at 2:00 PM est this afternoon when the Fed makes its interest rate decision (75bps is expected), and Powell holds his press conference. We've already adjusted up/out the QQQ and SPY hedges, but we will hold off managing other trades until closer to 3:00 PM est (if necessary) to let the announcement get digested and let the market figure out direction. Sizing down can be a good approach on Fed days to help prevent getting spun around and chopped up, but sticking to targets and stops is important regardless of the position sizing.
Trader Author Portfolio Holdings
**As of the date and time of publication