* Thesis: $MSFT, $AMZN, $META, $GOOG all report tonight into the FOMC decision window, and $QQQ / $SPY options are bid in the front week while back-month vol is relatively calmer.
* Strategy: Buy a short-dated $QQQ or $SPY call calendar (sell this week’s call, buy next or the following week at the same strike) around at-the-money. The goal is to let near-term IV crush post-Fed + earnings while holding longer-dated premium that can still benefit from any trend move afterward. NFA.