Knee Jerk Tone

The knee jerk move was as anticipated in the Quick Market Update post this afternoon before the F_)_M_C with the expectation being,

"Taking this altogether, this is something I suspected last week in the posts toward the end of the day Friday and early this week.

I suspect the F_O_M_C knee jerk reaction will be to the upside, it will be a failed move and also allow us nice entries in multiple shorts, some of which are in the area and listed yesterday.

Of course no one knows what the F_O_M_C will do or what Yellen will say at 2:30 (MAKE SURE YOU WAIT FOR YELLEN), but based on what I see thus far and being this was already a probability I suspected before this week's move higher even started, I'd put probabilities there.

The way I want to use that is to short in to those higher prices in the assets laid out and I will put out the posts as they confirm a false move or head fake.

That's my best guess at this time."

Not only is the strength of the knee jerk move surprisingly weak, the underlying tone is weak. I'll have some charts out in a moment, although there's much more to look at.

HYG remains the short term key.