Drain Opener

Here comes the rain again
Raining in my head like a tragedy
Tearing me apart like a new emotion
--Eurythmics

Looks like the FOMC statement did not contain enough goodies for the addicts, and markets subsequently drained. SPX was down about 3%, with things really letting go in the last half hour.

While we're still some distance from the August lows in the SPX, other 'tells' hint that a date with those lows may be coming.

The Trannies, for example, were splattered for more than 5% today and are now within spitting distances of their recent lows.

Will be interesting to see how overnight markets, particularly Europe, greet the FOMC decision.

position in SPX