You heard the Fed news. You saw the market gyrate. Perhaps you were hoping for some guidance from FRS. After all factor trends tend to be unaffected by the intraday gyrations when the futures traders take over. But not when the market is at an inflection point. As the market is now, sitting somewhere between bullish and bearish. Thus we've seen more intraday volatility for the delta between the Highs and Lows as well as the broad market. If you want direction, get a compass (or watch Jimmy Cramer at 6).
The Beta Bears won the battle in a big way. In basis points 50 Bearish stocks - 50 Bullish stocks for VMO:111 PMO:174 Beta:139 Big Cap:55. You can look at today's earlier post to see the swing. These are the times that try mens' souls. If they still have one.
Here are some graphs to help you draw your own conclusions. As a headstart blame the banks.