Three trades, one Fed-Day curveball

The SPX is pricing in absolutely nothing for Powell today.

Fed funds futures show a 100% chance of nothing happening. The volatility tape agrees. 

Today versus tomorrow? Marketplace is asleep on it.

I think that's the trade.

I sat down with Schwab's Big 3 this morning and walked through three setups I'm working right now — plus the Fed-Day curveball nobody's pricing in. Here's what's inside the replay:

→ Why I'm calling today's Fed meeting a "chocolate-covered hand grenade" — and the cheap vol setup I may actually trade later in the session...

→ The gap-filled wonderland chart that looks like a stair-climber workout — and the exact $380 level where one of the most-watched insurance names runs out of gas (with the May 22 put spread I built for $3.80)...

→ The $64 trigger that could ignite a gamma squeeze in an ETF nobody's watching — and the $0.65 spread that lets you sit back and let retail do the heavy lifting...

→ The $280 line in the sand on a hot momentum name where I say it's "not a test" this time — and what breaks loose underneath if it cracks...

→ PLUS the three earnings calls tonight that matter infinitely more than Powell — and the one word I'm listening for that decides whether this market keeps grinding higher...

Watch the full Big 3 segment here 

Don't think. Just go look.

To your success,

Don Kaufman

P.S. Gianni and Mac are going live at 4 pm to breakdown the biggest earnings event of the year. Make sure you’re there.