A Gradual Unwinding in Anticipation …

If you look at the number of days the market has been down vs. up over the past 3-4 weeks, you’ll see a gradual unwinding of equity positions as many larger asset firms have begun anticipating the slowing of funds from the Fed. The VIX again reached its highest level in two months so you can see that a healthy amount of protection has been bought in anticipation of today’s announcement.

With the announcement coming, the market in neutral territory and few significant edges in place today, we’ll wait for the show to start at approximately 2 pm ET.

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