Well, the release of the GDP came out, and for the bulls, it was probably anti-climactic. The /ES had been pretty firm all night, and a surprising GDP ("surprise" being an utterly subjective term) might have sent the /ES into the stratosphere. Instead, it just sort of let the air out of the balloon.
As of this writing (the GDP was released 7 minutes ago), the /ES is still up, but by 8 points instead of the 12 it was up earlier. So for the moment it would seem that there isn't any kind of GDP shock that would throw things big in either direction. I imagine it will be a pretty dry market between now and the FOMC announcement at 2:15 EST.
My biggest cash positions right now are long DBC, long USO, long OIH, and short GLD plus GDX. I have no big general equity positions in the market of any kind right now, since today is a big slice of uncertainty a la mode.
For the immediate moment, it's back to Mrs. Bear.
