For now we’re going to book profits on the SPX drop according to our plan, but we’re turning our back on the newly budding downtrend. If we don’t hold 2900 we’re going to get right back after the short side with SPX puts.

The Fed is set to cut rates by at least 25 bps tomorrow with the intentions of keeping the expanding economy moving ahead. We see potential trouble setting up in the S&P 500 and are positioned for a push lower on a possible buy the rumor sell the news. When it comes to gold, we see continued upside and have option positions locked and loaded for the coming move.