I listened to the coverage of the Federal Reserve meeting towards the end of the day and I generally agree with what many of the Bloomberg analysts were stating: the Fed doesn't know what's going on.

The thing is, I think Powell has been relatively transparent in not knowing what is happening in the White House. I think the closing rally that happened after the meeting can be explained as enthusiasm at not really bad news!

Personally I don't view "no bad news is good news" since .. good news is good news. There is still a lot of concern about stagflation being discussed which I think is still a real possibility given the chaos in the economy at large: stagnant growth plus inflation is quite dangerous.

From my portfolio's perspective, Shopify (SHOP) has come up handsomely, the covered calls I sold might get exercised at the end of next week. I will be pleased to offload a portion of my SHOP holdings but I am hopeful they end up threading the needle between 100 and 103 at the close on Friday March 28th.

Log

• I kind of broke one of my rules yesterday and bought call options, not only that, I bought call options on SMCI! Heading into the close there was some continued sliding in the semiconductor space, including SMCI. I figured it was going to see a bounce back at the open today, so I placed some small bets there.
• Just before yesterday's close I also placed some puts on Intel (INTC) since I didn't trust the closing rally.
• First order of business was to set up the sell orders on the options I bought for overnight.
• There was some positive SMCI news over the wire associated with GTC, so I figured that option would be safe to offload before any economic news hit.
• Spotted some momentum trades early with Nvidia (NVDA) and Tesla (TSLA), turned those around and decided to call it for the morning.
• Expecting some news from the Federal Reserve today which makes me concerned about what kind of volatility will come into the options market, so exiting my short-term positions early will allow me to focus my attention elsewhere.
• Came back in during the Federal Reserve minutes and placed some bets that didn't work out. Stayed positive by aggressively hunting some momentum trades.
• I had offloaded some AMD puts too early as a stop loss measure, they would have all likely gone at least into the money a little bit towards the close but I simply didn't trust any downward candles as the rest of the market was rallying.

Portfolio