Despite the Fed continuing QE at $85bn a month, the market apparently moved into a post-statement depression mood. Most indexes declined by around 1.25/1.5%. Despite the declines the VIX still closed red..and that probably says it all in this bizarre market.
That was a pretty exciting afternoon!
Certainly, despite the continued QE at max-speed, the market probably just used todays FOMC event to wash out the weaker bulls.
Nothing has changed.
Primary trend remains UP, and I still expect sp'1700s this July.
*I will look to go HEAVY long the market early Thursday - unless we break trend support @ 1620.,
Bears should keep in mind, Thursday is a QE day of $3bn