DailyPlay Updates – July 26, 2023

Today is the big day of the FOMC meeting, which will bring an expected 25bps hike. The big unknown is whether or not the Fed will pivot to a pausing after this rate hike. This is where I believe there is room for disappointment based on the strength of economic data, providing room for further rate hikes. We have to take this into account with our long positions that are at risk with this FOMC meeting. Taking a look at our positions, GOOGL turned out to be a winner almost instantly on the back of strong search revenue. We expect to close out this position after the open and will update the price after the open. We will also keep a close eye on WHR to close this out at a small loss despite seeing a big move lower yesterday.