Markets Spike on Rapid Increase in Borrowing Costs

The FOMC hiked by 75bps and the market is pricing in another 75bps in December. On that news, stocks have taken off to the upside, with a wide array of things gingerly trending up. I took an opportune to trade a little of this and that before the spike and have more than halved my losses to -45bps. The initial move is way up, with the Dow +300. The NASDAQ is only +5, OFF the highs, but still more than 100 OFF the lows.

Into the close, who the fuck knows. I presently have a long only book with 40% cash, no high beta stocks — just larger capped old man risk averse names in an effort to slow down my beta to provide me with time to understand what the fuck the market intends to do.