In hindsight the FED move seemed like a no brainer as Yellen doesn't want to be the one blamed for cratering the markets and a slew of bad economic indicators are calling into question the real robustness of the ongoing recovery. Needless to say the markets were poised either way at 11:00 AM PST today and the end results could have easily been just the opposite one of that we saw. Now we need to see if there's any mojo behind day's action. The closing 30 minutes suggests we'll see at least a partial retrace Thursday as the battered shorts try and establish new positions ahead of Fridays options expiration.
