Yesterday was an epic stop run on both sides long and short. Now we are getting the move I was expecting albeit a day late. I had gone short late morning yesterday thinking that it was a failed consolidation period and then realized it was a trap and I quickly covered before the ramp fully materialized.
I am flat and hoping for some more upside prior to FOMC. If SPY can get to its upper BB on the daily around 203-204 and VIX taps its lower band that would make a great short entry.
You can see how shorts were trapped this morning.
North of the upper BB but still not a good idea to short with the gap up