The Current Stance

The current stance is to "increase vigilance" (Rev. Shark), to predispose that any rallies from here will lack upside momentum (Helene Meisler), and to regard any downside from here as evidence to suggest the S&P will likely get pinned close to the 1250 strike come expiration Friday (Jeff Cooper).

David Merkel opines that the rally off the Fed announcement will prove empheral and Cody Williard has covered a little of his short hedges while advocating patience. Rev. Shark has been a net seller into the afternoon rally.