Well, so much for that ramp: after spiking by well over 100 points, the DJIA is now down notably for the day. A big reason for this was that today's POMO was a big disappointment: only $11.5 billion in higher yielding bonds were submitted to the Fed for repurchase, as it appears Primary Dealers would rather hold on to the best yielding paper currently available than hand it back to Brian Sack. This may have rather unpleasant implications for the Fed which will soon monetize across the curve, as it demonstrates that there is very little monetization interest in the long, and thus higher yielding, end, which in turn will force the Fed to monetize ever more short maturity debt. As a result, the Fed ended up purchasing a paltry $2.2 billion, and Apple Netflix, Amazon are already suffering as a result of the EOM profit taking starting to hit the quants, many of whom have been in unwind mode all September. With the next POMO now scheduled for an eternity from today, on October 5, today's market action could be very volatile.