MARKET CLOWN PUNCHES LOWER AFTER HISTORIC FED HIKE

Fed’s George said “fuck you” and preferred a 50bps hike, but they all ignored her and did 75bps anyway. The result of this hike in the bond market is MOOT, as yields remain where they were before the news. The Nasdaq is down 1% since the hike, but I suspect that is hot money fleeing for safety — because morons are terrified to lose more.

I had sold my SOXL before the news and have only 5% allocated to BTU — based off the FREEZE POLAND trade. I will likely re-enter the tape after 3pm and believe the market to be doomed. We are in a Fed fuckery zone and no one will escape it alive.

That being said, nothing surprises me and I will keep an open mind to the possibility of a bounce.

NOTE: The Fed funds rate is 1.75%. The market is pricing in 4%.