I mentioned last night that this thing could go either way and that the Fed announcement could help bring a resolution to the sideways trading the market's been enduring. That certainly happened today. I was away from my desk most of the day so I didn't follow it tick by tick. Tim kept me updated but there's no substitute for watching it live.

This break up could be the one we've discussed, but I'm not sold just yet. The market seems to have formed a rising bearish wedge that could top with a little more upside push tomorrow. The VIX did "ruin" it's pattern by breaking down, which is bullish of course, but it might not be terminal just yet. Volume wasn't heavy, although it did pick up late in the day. So what does it all mean.

If you're long, hold on but keep your stops in place. If you're short, I'm glad I'm not you! Just kidding. Really, if you're short, I'd cover some on any weakness first thing Wednesday, maybe even all of it depending on your conviction. I'll tell you that I won't be at all surprised if this rally falls apart, and I also won't be surprised if it beats the shorts like a rented mule all the way to 1000. 

As far as Bernanke and company goes, get used to a couple of new terms....."zero bound interest rates" and "quantitative easing". They'll be part of the dialog going forward. These guys are doing what they think is right, I just don't believe that they think very well. That's all I'll say about that tonight. But you do need to understand that today was a historic day for monetary policy, but not necessarily in a good way.