THE CLOSE

Markets closed well off their best levels as the FED day produced volatility and higher prices before the 3.00 PM sell off.

SPX +18, NAZ +38 and DJIA +169.

Strong sectors- fins, energy, reits, shipping, small caps and trannies while telecom, internets, semis and brokers lagged.

NYSE-2000 net green;

NAZ- 1500 net green;

NDX/OEX- 85% GREEN;

VIX- lower by 5% at 36.1;

Some smart folks decided to get short into the ramp today as 875 was pierced but didn't hold - and just wondering how many folks will look at this as a failed break out- also note the NDX hit its SMA 200 at 1400 and immediately pulled back and closed more than 1% below at 1382.

RSI (2) levels extended at 85 on SPX, 89 on RUT and 90 on the DJIA.

I had some good trades today with IYR QLD and SSO and will play keep playing the day trade game. Tough to figure out where we open tomorrow - not so difficult to jump on a trend during the day on a pull up/back.