After a little weakness the last two days the bears were hoping that maybe the market was starting to crack a little, but they forget how the market loves to run up on FOMC announcement day and soon found themselves in the short squeeze vice yet again. The bulls probably would have been doing some dip-buying anyway, but the FOMC can do no wrong these days and the bears just don't have the conviction to stand in the way of the news even if it is totally unsurprising.
We finished the day on a down note with a pretty severe whipsaw into the close, but it still was a good day for the bulls with better than 2 to 1 positive breadth. However, even the bulls are growing awfully weary of this market's inability to consolidate more, but the frustration is so great over being underinvested that no one is allow things to slip very much. The more we fail to pull back, the more frustration and the more aggressive the buyers are in trying to find some long exposure.
It is a tremendously challenging market right now with the bears obviously totally inept, but many bulls are struggling also as they are finding it extremely difficult to jump into a market that refuses to rest.
It isn't the market's job to make us comfortable and right now it is doing a fine job of keeping everyone, except the buy and holders, on edge. All we can do is just keep plugging away. The one thing we can be sure of is that conditions will eventually change.
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