A Roller Coaster Day For The Markets

Tim Knight | Sep 17, 2014 03:42PM ET

Fed days always put my stomach in a knot. I definitely don’t “load up” before these events, but I was still fully in position on the short side. As you can see from the spinning top (candlestick) below on the ES, it was a roller coaster of a ride.

The good news, if you want to call it that, is that by day’s end, the whole Yellen bukkake fest had reversed itself, and things were exactly where they started at the cusp of the announcement. So I wasn’t celebrating at day’s end, but my emotions were definitely “off the day’s lows” as those permabulls at CNBC might say. My portfolio wound up being crushed 0.22% at the closing bell.

The best news, of course, is that we’re past this nonsense, and we can re-focus our attention on trading the charts instead of worrying about the above miserable excuse for a human being. I’m glad it is passed us. I guess the “big event” tomorrow evening will be the Scotland vote, and although, pessimist that I am, I’m not expecting anything fun to come out of it (e.g. a “Yes” vote, sending the world into a tizzy), there’s always that chance, eh? The news won’t come out until Thursday evening, and I’m sure we’re all interested in seeing how it pans out.

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Written By: Tim Knight

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