A usual volatile day when the Fed meets with, at the end of the day, some discrepancies: the S&P 500 and the Dow Industrials closed down whereas the Nasdaq reached new highs but with limited participation as breadth closed negative. We observed some selling pressure, as measured by our buying/selling pressure index for the second day on a row on the NYSE as market participants are booking profits. Is it the start of a deeper correction or a welcome consolidation, time will tell... Options trading activity is still reflecting an intense speculative activity in the pits whereas the weekly survey among private investors is neutral.