The Fed raised the 09 GDP target: from -1.5% - 1.0% to -0.4% to -0.1%. Also, the FOMC assured that the recent fall in the foreign exchange value of the dollar had been orderly and appeared to reflect an unwinding of safe-haven demand.
I probably should have covered my short position after the down trend line was broken on SPY somewhere around the $110.70 level. However, I held on through the highs of $111.14. The reason I held onto the position was that I knew it would be tough for the market to break much higher than the morning's high of $111.05. Probably not a good way to trade given the news and the upward momentum. However, in this case it worked out to be a break even trade. Too bad, was really a great setup. I thought of holding the position over night, as I still expect yesterday's Gap Up to be filled, but I'll see how the Market opens tomorrow and take it from there.
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