Yellen Presser @ 2:30

You might remember when QE3 was announced, there was a knee jerk reaction to the upside, then during Helicopter Ben's presser at exactly 2:24 p.m. he said something the market didn't like, the question had to do with commodity and general inflation and for the first time since QE started, he said that they would adjust, this was something new, it was our FIRST hint that the F_E_D was going to be looking for an exit strategy, it was also the VERY high of the day at that exact minute.

After that the market faded -8% over the next few months from the September QE3 statement and didn't see those levels again until January.

My point? Listen to the press conference, listen to the questions, because this was a VERY ambiguous statement, why else would the $USD be flying, that's a negative take on a dovish statement, treasuries are doing the opposite of what you'd think as well for such a dovish statement, but it is the ambiguity so she may offer some clarity and that's what you want to watch, not just what she says, but EXACTLY how the market reacts to what she says.

I find it very interesting that HYG saw increasing distribution today as we got closer to the statement, I would not be surprised if SOMEONE knew something in advance, obviously not the entire street, but someone was selling down or distributing HYG at an increased pace beyond the normal nervousness.