Week of December 8

Shades of the Dec 2021 top?

Recap of last week

Another green week last week. We did not enter any new positions (no fill), but did exit 2 trades entered weeks earlier, for a significant profit.

Risk reversals we entered in September, which we bought for -0.10, we sold half for 8.88.

We also exited some call spreads entered a couple weeks ago for a modest 22% gain.

We did not have any losing trades.

Last week was a classic chop week in the SPX, as big players are reluctant to make a move before the last real liquidity event of the year, Dec FOMC. The cut is already priced in by the market, so it will be more about future guidance and positioning. Will the Oct 28 top in the SPX stand?

Next move for markets