Today on the Marketbeat: The Fed delivers, A day Late of the Monster Truck Rally

Market Numbers @ Close:

DOW: -74

S&P: -11

NASDAQ: +7

RUS2K: +8

TSX/S&P: +350

VIX: +2.54

Internals:

Core Sector List: 8/7 to the Bulls

NYSE

A/D LINE: +700, -1000 ticks in last 15min bar

BREADTH: 1.1/1 Positive

TRIN: 1.42

NASDAQ

A/D LINE: +500, -700 ticks in last 15bar

BREADTH: 1.2/1 Negative

TRIN: 1.73

The Fed delivers, A day Late of the Monster Truck Rally

So with the FOMC anouncement out of the way, we all can breath a sigh of relief that they didn't drop the rates into obivion, only 0.5% base point cut, with another .25% cut being priced in for November, but that is a topic for another post. The subject of this post however is to cover todays FOMC meetin and what kind of effect i had on the markets today. 

So the market opened up today, not a gap but it was up on the open and essentially chopped its way into the afternoon, with brief periods of buying pressure during the lunch hour. Fastforward to 2pm EST, The Monster truck is in the house, or did it get the dates wrong and come one day early? The market action following the FOMC meeting was borderline minimal. There was the initial shock/shake out, follwed by some buying pressure where we came only points away from pegging R1 on the YM and ES. However, in the last 15min bar of the day, there was a HUGE marketwide selloff into negative territory. To gauge this last minute selloff/profit taking one needs only look at the A/D Lines.

Under the Hood, is where the story gets interesting. During the last 15 minutes of the day today, the NYSE was up 1700 ticks on the A/D line, only to lose over 50% of that in the last 15 minutes, closing at +700 ticks up. The Nasdaq was very similar up 1200 ticks only to close at +500 ticks. The Breadths closed around parady 1.1/1 Positive on the NYSE and 1.2/ Negative on the Nasdaq. While the Vix tacked on a couple points. 

Chart of ES Futures Today [Click to enlarge]

Notice the market action following the FOMC anouncement. Slight knee jerk, followed by a small bullish move towards R1, only to miss the pivot by a couple points then drop down below the PP due to some vicious selling. As of writign this post 4:45 PM the Markets have regained some of drop after hours.