“Life is accumulative – Either our errors accumulate to what we don’t get, or our wise decisions accumulate into what we do get.” – Jim Rohn

As we wait for the FOMC, focus will be on how AAPL trades and closes the day from what will probably be a gap up open. Remember, it’s not how we ‘open’ but rather how we ‘close’ the day that matters. We still feel that there is a lot of complacency, hope and FOMO out there and suspect that these participants will get a wake-up call in the near future.

As a reminder, here is our bigger picture view on AAPL > no change to our outlook or levels.

We’ve had a lot of questions on what our preferred risk-off positioning is, especially in light of the ramps we have been seeing in equities and the subsequent difficulty in holding aggressive shorts there. As always, there are various way to tackle this like sizing or expressing the view through different derivative strategies but for the purpose of this post, we will reiterate that out favorite way to play this theme is through USDJPY. We’ll go through an in-depth discussion of this in today’s video update.

Remember to get your popcorn and favorite beverage of choice out for Tesla earnings out after the bell today; as always, should be very interesting to seen what Elon decides to pull out of his hat!

bigger picture view, discussed in our latest Outlook Video:

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Wishing you a great day ahead.