Wednesday Fed Day

Even though the market has made no net progress since July 15th, does that mean risk has been reduced? Apparently it does to Bloomberg.

Actual Bloomberg headline: "Ebbing Market Risk Gives Fed the Option to Delay Tapering."

What do you do when your billion dollar investment goes horribly wrong? Make another one twice as big.

Bill Ackman just took a 9.8% stake in Air Products and Chemicals, Inc., which at $2.2 billion, amounts to his largest-ever single-company investment. Best of luck to him.

I'm glad it's a nice sunny summer day today, because there will probably be little do ahead of the Fed announcement at 2:00 pm. That is if the Chicago PMI doesn't freak people out. That's at 9:45 am.

The market has been in a tight range from 1672-1698. I would look to buy a test below the lower level and would sell into a break above the upper level. I have some SPY 169 calls that need to be sold this week, and some 169 puts with more time value. Hopefully today gives a chance to adjust these positions.