SPX Weekly open position to be closed Wednesday prior to FOMC announcement.
The much talked-about FOMC meeting began today; with the announcement due out tomorrow afternoon at 2:00 as to whether tapering will likely begin sooner rather than later. The announcement is followed by Chairman Bernanke's press conference at 2:30. Regardless of the decision, tomorrow could bring some increasing volatility to the market, particularly around the time of the announcement.
As of this writing, the SPX call credit spread for the December cycle is +$35.00. It is recommended to close the position, regardless of whether target has been reached, by tomorrow morning at the latest. I will likely close the position before the end of the day today or Wednesday morning.
Closing details will be posted when the position is exited.
The next weekly trade entry date will be Friday, after the GDP report is released, as long as market conditions are within the guidelines as usual.
Stay keen on your risk management and trade carefully,