One Option Trading Blog http://ift.tt/2BY4v8L Posted 9:35 AM ET - Yesterday's market decline was a warning. Take profits on long positions on the open. We need to closely monitor the price action the next few days. I am not turning bearish, but I am much less bullish than I was yesterday. The new Fed Chairman (Powell) in his testimony before Congress suggested that four rate hikes are possible this year. That is hawkish and interest rate worries have sparked profit-taking recently. I believe that a rate hike on March 31st is likely. I thought Powell would have a more dovish tone given his statements about inflation. …
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