The Big Kahuna

Well, as I've been saying, tomorrow (Wednesday) is going to be huge. An hour before the opening bell, we get the early GDP report (subject to revision - twice - in the near future). With so many people saying we're not in a recession, it'll be interesting to see what the data indicates. Then, at 2:15 EST, the Fed does their announcement. Every character, comma, and space is going to be interpreted to death.

From a charting perspective, it's impossible to say what will happen except that it'll be big. I have only one index position - - a fairly large-sized put - - but I'm definitely keeping a lot of cash on the sidelines just in case of some (God forbid) bullish blowout.

 I got rid of my NDX puts today, because I really don't like the action here. I know that $MSH looks good, but $NDX is what I had puts on, and this chart worries me.

Added to which, the $COMPQ is exhibiting a pattern that has had very bad (for bears) results in the past few years.

On a brighter note - - and I actually had a pretty good day - - my dozens of shorts in oil are doing great. OIH has only lost about 6% of its value since its peak, but I really like how this is shaping up.

Likewise, my double-inverse ETF on oil, DUG, had a good day too. I bought these on the day where the low was made.

My puts on MDR also did well, with the stock falling nearly 9% today. This is another nice example of an attempt at a bullish breakout that failed, similar to ISRG.

And.........finally!.......my puts on BHI are shaping up. I like the way the price is moving away from that trendline.

0x

One other favorite of mine is GENZ, which ever-so-slowly is building what could be a terrific head and shoulders pattern. If complete, this could take GENZ down to the low 50s.

That's it from me. I'll be watching IWM like a hawk at 5:30 a.m. my time. I offer something that I usually cannot - - and guarantee - - and it is this: April 30th is going to be really, really interesting.