It Looks Fully Baked In

A likely Fed rate hike tomorrow afternoon has probably been priced into the market already, be it with the sell-off in TLT or the rally in financials. Looking out to 2017, I am not so sure a series of hikes has been priced in yet, however. 

But that will be a battle to fight a different day. 

For now, technology stocks like FB mostly benefitted today from some rotation away from extended small caps. 

In addition, inter-market trades like gold, currencies, and bonds will be under the gun tomorrow with the FOMC, making it tough to position into them beforehand. 

All in all, bulls are still in control even as the prospect of a post-Fed volatility looms. More in my recap after the bell.