Yesterday's Fed release was a nonevent, but it did squeeze some bears who were hoping for stronger Fed exit language.
It is no longer just a dip buyer's market. You can also reasonably sell short rallies. I still put higher risk reward for buying dips than selling rallies, but this market will be rangebound, with a slight upward bias. Cyprus is a convenient excuse for an overbought, post expiration market to pullback a bit. Even still, we're still less than 10 points from 52 week highs. That shows you the strength of this market. But right above, there is strong psychological resistance so bears have some protection when they short at 1550 and above.
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