It's been  several weeks of grazing upon some nasty 2015-esque consolidation since the Monday market crash, and the bulls had the energy heading into this afternoons FED decision.    Those peculiar spikes to the upside earlier this week made a lot more sense later today... at least for a little while.

When the $SPY was defended at $195, then $196 and today at $200.... the buyers were spot on.  The FED came out and told the world, the IMF, the emerging markets, anyone looking to repay or take on more debt, exactly what they wanted to hear.  No policy change.  And if you listened to Janet Yellen, in between all the ummms and ahhhs she managed to come across as if rates weren't going to rise anytime soon.

One question she addressed even asked if rates will ever rise again.  Yellen, in reply, stated she could not rule that out, even if it was something she didn't expect.  That, to me, was shocking.  I joke about the fact interest rates haven't been hiked since the industrial revolution, but the FED chairwoman left open the chance that rates will remain at zero forever.... forever?  Wow.

From a chart perspective stock stock has found a short term base upon which a possible relief rally may be forming.  While I would not want exposure to their flooring products, I may expose myself to a few call contracts in anticipation of a move higher.  I'm not expecting $80, just a move over $20 will due.

After yesterdays furious rally, stocks are set to open flat today.

Here are the morning reads:

I'll be brief tonight.  It's been almost 7 years since Zero Interest Rate Policy came to pass.  And each and every year since the same speculation comes forth about when and how the FED will raise interest rates.  How quickly, how slow, will they telegraph it like a Geno Smith pass?  Will they do it in small increments or large?

The bottom line is..  in 6+ years despite better unemployment numbers, a stock market that's up over 200%, the FED has done nothing but support the theory that they will do what is needed when the time is right.  After 6+ years... is the time right?