Minutes are out, volatility and volume is up

I'm not campaigning for a position here, just reminding you that knee jerk reactions are a hallmark of F_E_D policy announcements.

Thus far volatility is pretty much as you'd expect with volume high. It's time to watch how underlying trade reacts to price movement as price is above all, deceiving.

As for the minutes, at first glance, not what the QE hopeful crowd wanted to hear, that doesn't mean that Wall St. won't use this volatility to set positions and traps, so we want to be careful about jumping to early conclusions.

From the minutes:

• A FEW FOMC MEMBERS SAID MORE STIMULUS WOULD PROBABLY BE NEEDED
• SEVERAL ON FOMC SAID FED SHOULD STUDY `NEW TOOLS' FOR EASING - C5 Galaxy
• FOMC PARTICIPANTS SAW MODERATE GROWTH LIKELY IN COMING QUARTERS
• FOMC AGREED `IT WAS PREPARED' FOR FURTHER ACTION AS APPROPRIATE
• FOMC SAW `UNUSUALLY HIGH' UNCERTAINTY FOR JOBLESS, GROWTH
• SEVERAL OTHER FOMC MEMBERS SAW ACTION NEED IF ECONOMY WORSENS