Wedgie

One foot on the brake
And one on the gas
There's too much traffic
I can't pass
--Sammy Haggar

Appears the fade trade was selling the post FOMC love fest, which may have temporarily signaled to the trading crowd that an upside breakout from the recent wedge pattern was taking place.

Instead, the initial move higher may have been a cruel head fake. After yesterday's big volume reversal, the SPX has lost 60 handles and is now a kitten's whisker from breaking thru the wedge to the downside. Add to that the spectre of trapped longs and options expiry hangover and it feels like that path of least resistance is lower.

Will be alert for opportunities to add downside exposure.

position in SPX