On Thursday, the S&P soared after the Fed announced they would not be hiking rates this year and ending their balance sheet reduction by September. On Friday, the rally was reversed as the realization of what the Fed actually said sank into the markets.

In just the course of 4-weeks, the market has swung from overbought, to oversold, back to overbought and then begin correcting back to oversold on Friday. I am exhausted just writing about it. 

These swings make portfolio management very difficult. While the markets have been fairly well contained, allowing us to "hold" our long-equity exposure currently, the market continues to show signs of "exhaustion" in the recent price action. As I wrote at the beginning of the month: