It's not the economy (or fundamentals), stupid - It's The Fed!
So we had a rate-hike, and...surprise - markets puked
Still think anything other than The Fed matters?
The S&P 500 has just caught back down almost perfectly to The Fed's balance-sheet-implied level...
With 2016 rate-hike odds collapsing, how long before rate-cut odds start to soar? Or will The Fed do the ultimate to destroy credibility - hike rates (strong growth) at the same time as QE4 (support bonds at the long-end... what a joke)?
Bonus Chart: What did you think would happen?