time to be v cautious ahead of fed meet tonite, page-93

No doubt its a short squeeze. These guys love cleaning people up. The fall is bound to occur, and I too would put a range of high 4670- 4740 on the XJO. I wouldn't be surprised if Oct ends up be a positive or flat month with a fall occurring in Nov/Dec.

When going short, best to do it via in the money ETO puts imo as if it move against you, you still retain time value and can roll up to a higher strike. The delta also falls as it moves against you meaning a lower loss. If it moves with you the delta increases and you move along with the market fall increases. the deeper you are in the money the closer to a 1 for 1 move.

I would suggest a Dec 4900 or 4800 put will be a good position to take in the high 4600 low 4700s imo