TRADING WEEK SEP 9TH-13TH

The dam broke to the downside as SPY sold off 4.1% last week. QQQ was routed to the tune of 5.8%. The intraday trading ranges for SPY were 11.30, 4.96, 6.70 and 12.16. The hi-lo for the abbreviated week was 21.37. The bulls are no doubt hoping for the cavalry (FED) to come to the rescue with a major rate cut. CPI comes out at 8:30am ET on the 11th, followed twenty-four hours later by the PPI. If the inflation numbers are lower than expected that might give the FED the impetus for a drastic cut. The SPY 13Sep24 540 straddle is a buy at 11.80 even with the inflated implied volatility. ORCL reports earnings on the 9th after the close.