Uncertainty and Fog in the Forecast

With the Fed taking a pass on raising rates, there is an even more colorable argument to now be made that they are essentially "trapped" from raising, or at least they feel as though they are. 

The old axiom is that markets tend to hate uncertainty. And with the Fed stand pat there seems to be even more confusion as to when they will tighten, if at all. 

The VIX is still taking a beating, though. Once the VXX ETF lost its September 1st gap below, that was a pretty good signal to step out of the way on the long side, an area we looked at in real-time back then. 

Metals and miners are bouncing, but not as much as I thought they would have with the Fed so dovish. Bonds are catching a bid, as you might imagine, while Apple lags the tape. 

I see lots of mixed signals out there, namely the Japanese Yen spiking up here, typically a risk-off currency. 

Into the final hour, I suspect we see a few more whipsaws and reversals before the "real" move ensures, if at all.