Initial Impressions

There seem to be quite a few assets dropping at a fairly fast rate of decline for this time of day, the SPY, DIA, XLf, XLF, etc.

I'm guessing op-ex probably got way off course on the F_O_M_C announcement, typically Thursday's close is close to Friday's pin, we were largely flat, to slightly down yesterday, I'm guessing that had something to do with op-ex and not losing all that premium and I suspect the early action is about the same. The intraday 3C readings this morning aren't THAT bad on the initial declines, this is part of why I suspect this is more pin related right now.

That said, the Index futures 3C readings are worse from the overnight session, the 30 min negatives which started as 1 min and migrated to 30 min are now about to link up with the 60 min negatives that were already in place as it was clear there was already strong distribution in to the F_O_M_C policy statement, in other words, those charts are approaching the actionable kind of ugly.