Well, the Fed announcement came out just a few minutes ago (as I’m typing this), and as of this moment, the markets don’t quite know what to do with themselves. There is some strengthening at the moment; my all-short portfolio is actually holding up pretty well (the Russell, S&P, and NASDAQ are all up exactly the same amount – 0.35% – yet I am down just one-hundredth of a point for the day). You can see the red-line comparison of the annoucement here. It seems like it will continue to be a long time before the Fed has the backbone to turn off the spigot.
