Is This Fun Or What?
The zig and zags of the last two trading days are just incredible.
(1) The market was generally strong heading into the Fed decision after which (2) it crashed.
(3) It was up big at the open this morning on the Fed’s Term Auction Facility (TAF) program and then (4) it faded the gap up for the next 5 1/2 hours (5) until 3pm EST when it started selling off sharply, with the S&P losing 20 points in 15 minutes. (6) It then turned around and shot up, taking back those 20 points on the upside in the last 20 minutes.
