We caught a very quick ride down to 1,175 where the profit on two contracts was $2,500 on /TF and $2,000 on /YM and I sent out another tweet at 3:30 noting we called for taking the quick gains off the table - making $2,500 in 25 minutes - nice work if you can get it.
They say the quietest place on Earth is in the eye of the storm, which perhaps is the reason comments from Fed officials are so remarkably obtuse. The biggest factor on the market is and remains what they do in September.
Given market action over the last few days, there are plenty of market analysts who say the Fed will now be forced to hold off on tightening, perhaps even out until 2016. While there is some logic to this, the Fed's mandate does not mention anything about reacting to the market.
Should we worry about potential contagion to weak eurozone peripheral countries? I don't think so, as the current account balances of Greece, Italy, Portugal, and Spain have all virtually improved to zero, compared to India's 4.8 percent deficit.
Disturbing as some of the March economic data has been, it is just one month, and that does not constitute a trend. It would be unsettling to the economy and the financial markets if the Fed shifted direction with every twist and turn in monthly data.
Since the Fed wants to turn over a new leaf, why not ask for the transcripts of the meetings from 2007-2010? Let's just accelerate the timetable, and let everyone know what really went down at those meetings during the crisis of 2007 and 2008. And we got them. And we'll show you just what we got.