Market Will Drop Into Fed Rate Hike Wed - Bounce Likely After Statement

One Option Trading Blog http://ift.tt/2stxpte Posted 9:15 AM ET - Friday tech stocks were hit hard. The "tech wreck" came without warning and we witnessed heavy profit-taking throughout the day. There is follow-through selling this morning and it should continue until the FOMC statement on Wednesday. Tech stocks have been pushing the market higher and the rally has been narrowly defined. Bullish speculators have piled into these names and they are getting flushed out. We've seen two big drops in the QQQ in the last few months and they’ve only lasted a day. Buyers stepped in and these stocks quickly recovered. I am not going to …