The market rallied sharply off a small change in the FOMC comment which seemed to imply a more dovish course of action. But, Powell soon dispelled that notion – exactly as we suspected he would.

 “It’s very premature to think about or talk about pausing our rate hikes.”

Things turned ugly from there.

continued for members…

The only thing keeping stocks from giving up hundreds of points already is that VIX has remained implausibly low – still below the SMA200.

In other words, the VIX game is still afoot and will be until VIX tops at least 26.63. It’s no surprise that the USDJPY is still being propped up.  But, EURUSD is falling nicely. And, the 10Y gapped much higher.

UPDATE:  10:20 AM

It’s working so far…