F_O_M_C in 15-20 mins.

Then I'll be able to turn off CNBC finally.

Remember that there's almost always some insane initial volatility, also the initial knee-jerk reaction is almost always wrong-at the Sept. 13, 1012 QE3 announcement the market rallied after the announcement until Bernie answered the wrong question which I think is going to be the focus of the market, "How is the F_E_D feeling about QE? Still starting to doubt it like we saw in the last minutes? Or does the GDP negative print change the whole game?"

There's been very little movement in underlying trade, much like the market averages themselves, however the movement there was did early damage that is still visible. The overnight ES and NQ longer term charts were negative the entire night and still are.

HYG credit has continued to make lower lows today as has Junk Credit.

The Euro remains nearly completely flat after an overnight run.