Market Is Ready For This Rate Hike - Look For A Close Above SPY $238

One Option Trading Blog http://ift.tt/2mswWkC Posted 9:00 AM ET - Yesterday the market retreated ahead of a likely interest rate hike. We saw some early position squaring and a rally back above SPY $237. Oil futures are up this morning and the market will erase Tuesday's losses on the opening bell. I consider this to be "noise" and the real action will start later today. Analysts are pricing in a quarter-point rate hike and the rhetoric will set the timetable for the next move. The FOMC will not want to spook investors after raising rates twice in the last three months. Consequently, the statement should be …