Trade Alert: Taking some put profits as the markets hissy fit about the Fed

The markets remain jittery and today’s reversal coming after the Fed decision to raise rates 20 bps is getting the fear factor up. Maybe it’s not jittery now. It’s a hissy fitty market?

I’m thinking sentiment is getting to be bearish  enough to an extreme that, as I’d mentioned in the chat yesterday, “the markets could put in a short-term bottom here and rally at least into year end.”

While I’m far from saying it’s safe to buy stocks, what I am saying is that I’m going to sell about 1/3 of the remaining SPY and QQQ put hedges that have continued to do their jobs so well. I’m still holding some of the puts and I might even roll into some lower strike priced puts at some point if the markets do rally into year end here. But I’ll lock in some nice profits on these puts that I’m trimming today for now.

Meanwhile, I’ll have a Latest Positions Update for you guys tomorrow and will include what I’m going to do with TST, AXGN and others that have made big moves of late.