I’m seeing big buyers of SPX call upside around 1850 and 1860. Upside vol is cheap, and unless Yellen destroys the party, market can rally into long weekend. Expecting a re-test of highs on cash deployment and continued decent earnings off LOW BAR into earnings season.
S&P is having its fourth worst day of the year (-1.6%), but Emerging Markets only down 40bps.
Look at Japanese and Brazilian stocks since 2012.