No Rate Hike, What A Surprise ...

I'm not shocked, but I honestly thought it was a 50/50 shot this time around.
Long Live ZIRP!

This non-event should suck vol out of the indexes, however the VIX at this point in time (2:08pm) is not reacting much, just like the markets. I expect the VIX to continue to "take the stairs down" over the next month to within it's normal range.

Yesterday I rolled up the SPY 182/185 (0.50->0.23) to 190/193 (0.70). Looks like it was the right choice.

Those VIX 13p are still around the same value that I originally picked them up at. I might have gone too far out of the money, unfortunately, for this to be a winning trade. But, we will see!

The Fed has cited China as a concern and a big factor on why rates were not raised. What a shock.

At this point a December hike is also off the table. The Fed is in full volatility reduction mode. Can't let the markets go down! Must keep asset bubbles alive! It's all we have to show for out multi-trillion dollar money printing!

LONG LIVE ZIRP