Long spread $SPX

The market sold off due to bad corporate earnings out of Caterpillar and Microsoft. CAT was especially the bad one hinting at a slowing global economy. Last night, however, Apple reported stellar earnings that demolished expectations. The market should see a jump this morning thanks to Apple, but its ability to hold the gains will be the real tell. We have FOMC minutes coming up which should keep the market still and volatility raised until their release.

The trade is 220 point a way front current levels.