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Thursday, September 17, 2015

Hold onto QQQ call and MRTX put

Two things are happening: First, the Fed said no rate hike, so the market is going to jump up hard tomorrow, or so the spring on the technicals say on the QQQ, so I may be dumping my call tomorrow at a decent profit. Second, MRTX is played out on the chart, and the techs say its about to drop. The only thing with that is the market may roar up tomorrow muting some of MRTX's drop. I may have to hold that until the beginning of next week.

So thats it for today, we need to let the market sink in with this news. I may be letting go the QQQ call in the last 15 minutes of trading if things do a crazy jump upwards, so check back 15 min before close.
Other than that: we let the market brew on the no rate hike for the rest of the day. Any action I undertake will be near close today or at sometime tomorrow.

And yes, I was wrong on the rate hike. Looks like the global situation spooked Yellen. Maybe Oct or December.

Check back later today,

Tradinginsider

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