More US Drama than Greek

Yesterday the F_E_D's F_O_M_C voting member Jerome Powell hinted that there will be 2 rate hikes this year, this is in line with the majority of F_O_M_C members' projections, which showed 10 expected rates at the end of the year to be higher than 25 basis points meaning they expect 2 rate hikes, also meaning that the first would be September.

I don't know why, I suppose the F_E_D is now in a market bubble busting mood, but this morning around 11 a.m. MNI reported:

Officials have let it be known they realize they can't avoid all volatility and are prepared to move when they believe they have met two main conditions for "liftoff."

Communication, including FOMC statements, press conferences, quarterly economic forecasts, Congressional testimony and speeches by key policymakers will be used to convey how the Fed perceives progress toward fulfilling the two conditions.

However, MNI is told the FOMC majority is not prepared to wait indefinitely for market participants to be fully on board.

As MNI reported on May 14, "Fed officials are highly sensitive to financial markets but are determined not to be ruled by them.... As much as the Fed would like to be in sync with markets and avoid excessive volatility, there is a sense it cannot be cowed by the markets into indefinitely delaying liftoff."

The market's reaction...

 SPY 2 min

Then in some sort of attempt to be the market savior and top tick the market, Icahn releases another two tweets, the bottom line, the market is a bubble , get out now!

I do believe we saw massive distribution last week and this week, we have hard data that shows that to be the case from BAC yesterday,  however beware these types like Icahn, they only release what is good for them. I'm certainly of the same mind as Icahn and have been for some time, but I also question short term motives. I'm just saying, he's creating an emotional panic and I'm not sure what his intentions are to use that to his advantage. Work off objective evidence, not emotional panics.