The hangover from yesterday’s Fed announcement and news conference was a dud. The FOMC is seeing its Keynesian experiments possibly fail as we’re now in the stretch run of the experiment which is the exit to interest rate normalization.

Even though the FOMC did nothing Thursday, bulls either are having a hissy-fit about future policy normalization or bears are convinced Yellen & Company has lost their collective credibility.

After Thursday’s “sell the news” price drop, Friday saw much more selling as quadwitching elevated action into the negative close.

As markets tried and failed to put three positive days together it only means charts from a technical perspective get messy destroying would be trends. However, we believe since markets closed August with a break of the monthly 12 period Moving Averages generally this means the 7 year rally is over.

There wasn’t much news this day beyond another decline in Leading Indicators which dropped to 0.1% vs 0.2% expected.

Markets opened weak and stayed there throughout the trading day staying near their lows.

Market sectors moving higher included: Volatility (VIX), Treasury Bonds (TLT), Gold (GLD), Gold Stocks (GDX), Silver (SLV) and the Dollar (UUP).

Market sectors moving lower included: Everything else.

The top ETF daily market movers by percentage change in volume whether rising or falling is available daily.

Volume was heavy once again on more distribution and breadth per the WSJ was negative while Money Flow basically reversed the prior week’s gains.