Thank you Mr. Volatility!

The market rallied today ahead of the FOMC policy meeting which I found to be quite surprising. Yes, the overall market was oversold, but given the market-moving tendency of Fed meetings I expected to see the market trade sideways until the big event. Typically, that is what occurs, however, as we all know the market has a mind of its own.

 shortest-term measures are in an overbought state so a spike higher tomorrow would most likely fail.

Our condor positions (which were established Monday) are comfortably within our 160 point range. That is right 160 points! We are ecstatic with the position and with the expected returns of over 13% over a four week period. Thank you Mr. Volatility!

Overbought/Oversold levels for June 27, 2007

• SPY -  48.0 (neutral)
• DIA - 47.7 (neutral)
• IWM - 57.3 (neutral)
• QQQQ - 58.0 (neutral)
• GLD - 26.5 (oversold)
• OIH - 52.9 - (neutral)  

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