As usual, Fed Day gave us quite a ride. The big news was that our friends at the FOMC plan to give us another 3 rate hikes this year instead of 4. Guess how many Fed meetings there are with accompanying press conferences left this year? Three. How about that.

My stomach went into a knot the moment the news came out, because everything – EVERYTHING – went against me big time. It didn’t last though. Just imagine how many people were short the utilities and got stopped out, all because of a stupid, multi-second Fed spike.

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I remain cheerfully – and massively – short the XLU by way of a bigger options position than I’ve ever had on anything in my life. It’s simply a gorgeous setup.

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The ES roared higher too, but was beaten down in no time at all. Even at its most mentally-retarded peak, it failed to even tag its broken trendline. The uptrend is broken, and Powell couldn’t save it.

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The same is true for the once almighty Nasdaq as well, which was slower to fail, but thanks to Facebook, failed nonetheless. Yesterday’s mega-rally was a fart in the wind. Meaningless.

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For myself, I have 54 different short positions, 52 of which are in the green. The 2 losers are a cat’s whisker away from being in the green as well. Now that we’ve got this idiotic Fed nonsense out of the way, we can focus on trading again. I’m relieved.