MQP 25 IMPLIED PRICE ACTION IF STRADDLE TURNS BEARISH

HEADER - Right now I have 7/13 1740 puts and 7/20 1750 calls. This is would be implied outcome if we tag 1650-1665 on 7/12.

SUMMARY - The first fundamental should be liquidity, so don't fight Fed.

DETAILS - If it does take this path, Aug-Sep short will make up for it. More on this if we break under 1675 meaningfully.