Steen Jakobsen, Chief Economist & CIO, Saxo Bank
FOMC Trading Strategy

I have pointed out in a number of almost desperate views this week, that the market is extremely overdone by any standard:

How high can this market go: http://www.tradingfloor.com/posts/macro-digest-high-market-917462932

Correlation between NFIB Small Business & S&P

http://www.tradingfloor.com/posts/macro-nfib-small-business-dshortcom-break-d-1992261796

We bought Put the other day on S&P and remain extremely skeptical on not the stock market long-term, but its present valuation and the extreme complacency in place AND do not forget FOMC meeting tends to be the top, as policy announcement are pre-empted by markets (as I explained earlier today)