regardless of the post-fed noise, nothing has changed technically since yesterday… both the SPY and QQQ continue to struggle with the previously highlighted resistance areas.  i’m using this post fed rally continue to book profits on some more of my longs and even had a nice gift from the fed as that big pop in TLT gave me a quick double on some TLT near-month calls that i bought when TLT hit support at the lows earlier today.  however, i am now lightening up quite a bit and working towards a large cash position but still net short as i am not sure how deep a pullback will be, if we get it.  of course, the possibility exists that the pullback into the lows early today was it, as it did come very close to my minimum pullback targets (bottom of the 6/18- 6/19 gaps).  for now, i’ll stick with a few select longs hedged by a few select shorts, mostly broad index or sector etf’s, waiting for the market to digest the fed’s statement.  trading around fed announcements is usually chop-city and i often prefer to use that volatility to allow my profit targets to be hit but i try to avoid entering new positions as the chances of false breakouts/breakdowns are increased.