• SPY traded 348.11 - 367.51
• What. A. Day.  It’ll be a long time before I forget today’s chart.  a -3% to +3%.  5th time…ever… I read.
• I didn’t write a report last night because there wasn’t much to say, just holding the straddle into the CPI print.
• No way could I have predicted today’s action.  Nor did I play it correctly.
• When the market opened -9, my straddle was flat.  That didn’t work in my head.  I quickly got out of the calls (oooops) and held the puts a little longer.  That ended up getting me a tiny bit of profit.  
• Then I benched myself.  I didn’t get to watch the insane move off 348 all the way to 365.  I paid my respects to the chart later, though.
• I ended up picking up some calls way late (around 366) to hold overnight, at least.  (I ended the day in the red just a little.)
• The CPI print was bad, but not shockingly awful.  You can make a case for near-peak inflation and saying we’re too overdone on the selloff (we were 414 not long ago…).  The market is an emotional roller coaster and it probably is too oversold for now.
• BoE / UK is all over the map and that’s playing with the DXY.  I am not really sure what to do here, I just know it changes by the day.
• We did learn one thing today: 350 is a real level.  Mark it.
• I do NOT think the lows are fully in, but they probably are for the very short-term.

• SPY levels:  350, 355, 358, 363, 373
• Chart - Weekly: Bullish for a bounce (but still bearish in long-term trend)
• Chart - Daily: Bullish - today reversed the trend hard
• Chart - 4h: Bullish - same, just hit the brakes and then shifted into 3rd gear.

• We’ve got Retail Sales in premarket, UofMich Consumer Sentiment at 10am
• BoE “says” they’re stopping QE on Friday - any reversal of that reversal will cause another bullish response on the US
• Keep an eye on DXY and TNX - for the size move the happened, I don’t think they responded in kind.  It could put a drag on any rally if they hold here.  Or of course push it higher if they ease up.  UK moves on Friday are drivers, most likely, if they do anything crazy last minute.
• We’ve got bank earnings out in premarket, as well — I think this is going to be a positive report from them due to rising interest rates.  Yes loan demand will temper, but won’t be reflected in this report yet.
• Today did my head in.  I’ll be using the weekend to determine if I need to change course temporarily or this is just a bear market rally.
• There’s many narratives one can apply here, but one thing I do know:  today’s action is an indication of an unstable market where major market participants do not agree on direction.  That’s dangerous waters for retail to be playing in, so make sure you’ve got a plan and stick to it.  Changing it intraday can be very costly.
• REMINDER: Earnings season fully kicks off next week - so buckle up.

• I held SPX 10/24 3680 calls overnight.
• I will exit these anywhere over 3700, if that gift is given to me early on.
• While everything points to bullish, nothing goes in a straight line and this will need to consolidate soon.  It skipped over several important levels like they were blinking yellow lights in a small town.