sp'daily5
VIX'daily3
Summary
It was the last big trading event of 2016. Not surprisingly, the fed raised rates by 25bps to a target range of 0.5-0.75%.
The market was particularly twitchy as Yellen spoke for almost an hour. Despite a little bounce around 3.30pm.. the market saw renewed weakness into the close.
On balance, a move to the 2230s looks a given.. and that will likely equate to VIX 14/15s. The only issue is whether a more significant retrace to around the 2200 threshold... but that is surely out of range until early next week.
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Meanwhile.. on clown finance TV...
Talk of Dow 40k could be seen as 'crazy talk', but so was Dow 20k just 5 weeks ago. As ever... we take this one day at a time... but from a grand perspective... we know where we're broadly headed, right?
Goodnight from London