The BIG Day!

What a turbulent market tomorrow is going to be with the GDP number as well as the FOMC release all in one day! (see economic calendar)

The market has been preparing for this day with two sideways days so far. Both releases are extremely uncertain and can change the course of the market. One of the signs of the bottom that I have been listing for the past 3 weeks was that GDP has not turned negative despite widespread talk of recession. However, if GDP turns negative tomorrow, one of the biggest reason why the market is holding up could be negated and the bulls could give up. Investors are also expecting a final 25 basis point cut to fed fund rate tomorrow afternoon. If we get it, the market could continue its way higher. If not... well, what do you think? I would certainly go delta neutral on my biggest positions today.