The Fed came out swinging today. The the market reaction was positive. Well at least on the 5 and 15 minute charts! I was watching the 1 min charts and there were 3 sharp moves: up, down, and then up into the close. I bought some calls on the initial reaction, held through the down reaction (stomach churning), and ended up holding overnight. My intention is to sell in the morning on strength, or put a stop underneath any initial strength. I don't have any illusions this rally will last, but who knows. For all I know we could open down lower, and my decision to do an ONH (overnight hold) could be a bad one. From experience I've learned that if I am wrong, I'll need to sell quickly at the open before losses pile up.
The calls I bought were in AAPL, GOOG, and QQQQ. Unfortunately for me, today AAPL wasn't acting as a proxy for the market. We'll see what happens tommorow.
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