As usual getting Art Cashin's pragmatic take on something as important as the Fed's decision (which at this rate will need to be revised very soon), is quite a morning coffee, or for some, "fermentation", treat.
From UBS' Art "The Chairman Of The Fermentation Committee Ain't Not Rogue Trader" Cashin
Analysis And Reaction On The Fly - This morning we will vary the format just a bit. Yesterday’s action appears to have been egregiously misinterpreted by a broad group of TV pundits.
There was an initial selloff that was clearly related to the FOMC and new policies (Operation Twist, etc.). That reaction ended around 2:45 and stocks began to rally sharply until about 3:10. Then stocks rolled over and went into near free-fall as the Euro plunged and the dollar soared. That plunge continued into the closing bell with nary a look back.
To put things in more real time style perspective here is an email I sent to some friends (trading types and journalists).