Boy that was a Bad Day for CNBC

The initial reaction of the media and investors to the Federal Open Market Committee (FOMC) Monetary Policy Statement astounded me. Stocks moved lower and the dollar appreciated meaningfully on a broad expression of trepidation about a perceived risk of a December rate action. Given that the December meeting is two months away, I believe investors would be better served focusing their attention on what the Fed actually did this week versus what it might do two months from now. Or, we might even consider the reasons why the Fed acted cautiously. As the hours and days pass and as Fed members make speaking engagements next week, I expect we will come to understand the most meaningful take-away from the FOMC meeting was that the central bank did not act to raise interest rates. I believe the Fed held back this month because of the latest data and the threat of further European Central Bank (ECB) easing. On net, I see the Fed’s statement as a positive, because I do not expect our economy to dip into recession, but that is something we should be considering as well. See my report at Seeking Alpha on stocks here.

Due to what I perceived as an exaggerated reading of the FOMC statement Wednesday and knee-jerk market reaction, we got a quick note out to our Twitter followers advising that the initial drop in stocks should reverse and that stocks would rise into the close Wednesday, which they did. My Twitter tweet to followers:

Don't get lost in CNBC noise - This was a DOVISH statement-Fed did NOT act. We rally into close and reverse initial trade $SPY $QQQ #Fed

— Markos Kaminis (@WallStreetGreek) October 28, 2015

Sector Security	Wednesday’s Activity
PowerShares DB US Dollar Bullish (NYSE: UUP)	+0.8%
SPDR Gold Trust (NYSE: GLD)	-0.8%
SPDR S&P 500 (NYSE: SPY)	+1.1%
SPDR Dow Jones (NYSE: DIA)	+1.1%
PowerShares QQQ (Nasdaq: QQQ)	+0.8%
iShares Russell 2000 (NYSE: IWM)	+2.9%

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