PB, Hmmm - if it was right, and they have done this to avoid...

PB,
Hmmm - if it was right, and they have done this to avoid call option expiry exposure, the next question is where do they invest the cash they must now be holding (check your "names" mkt exposure), with bond yields still so low - real yields are crazy low/negative.
Is the answer is that the Fed pretends the market has this fragility and reduce the fear of quick rate rises (already priced in) later in the week, could they simply pile back in and we are off to the races on the big stocks again?
Answer - they have this market on a string and will do whatever they want to, until they can't.