Vicious whipsaws from last night carried over to the open and Fed announcement. Not many were expecting QE3 today and we may have priced that in yesterday. Goldman Sachs helped to the bulls with some speculation that QE3 was on the horizon and we ripped into the close. After the selling of the last few weeks, a big oversold bounce shouldn’t be a big surprise, but the volatility yesterday and today didn’t make it easy to trade. We are still grossly oversold and can continue to run up with volatile back and fill along the way, but I don’t feel many of the problems plaguing us have being solved. So a retest of the low is probably in the cards. We have option expiration next week and I am getting ready for more wild rides.
