FED DAY

If you like to trade without discipline, days like this are for you as just about all reasonable prices on the major market indexes are hit. Of course if you trade with discipline, all stops are also hit so probably the reason why many smart traders refuse to trade it.

The oil patch continues to be a house of pain as the oil proxy, OIH is down close to $5 as I type. Of course it won't be too long in my humble opinion before we will here that buying these prices was "the smart trade." Not sure when but it will happen.

Big winners on the day include GS, AMGN, brokers, airlines, small caps, financials and retailers. Losers include oils, GOOG and metals.

Market internals bullish with 1,900 more winners than losers but were way better this morning when winners trounced loser by well over 3,000.

The VIX/VXO combo are trading down 4% at the eleven level and the markets have had a lot of trouble making headway from those levels in the past, so I anticipate a lot of churn for the balance of the week.

And who feels badly that they aren't at Boston College participating in the Mad Money games with Jim Cramer. Man wish I were there.