Gap & Crap

It was another interesting Fed Day. Notice both the 10-day & 2-day views below:

We gapped up, hit some stretched levels this morning (like the equity-only put/call) and then crapped out in the final few minutes to fill this morning's gap. Once again relative weakness by the Russell 2000 & Nasdaq provided a warning throughout this morning's session that the pre-Fed gains were not on firm ground.

Read more of my after-hours report.