The Fed raised a quarter point today, but more importantly hinted that it was finished raising rates for the time being. Accordingly, the stock market rallied strongly and the dollar tanked. Reasonably enough, as Bernanke signalled that cheap money wasn’t going to be withheld regardless of inflation.

The revised Q1 GDP report this morning was strong. Perhaps most interesting was the revision to the personal savings rate, now -1.4% for Q1. The consumer is borrowing like crazy to maintain his lifestyle, the heck with the future.

(P.S. 6/30 - Personal savings for May came in at -1.7% this morning.)

Being short I wasn’t too happy about the rally as you might imagine. But news items don’t often cause a trend change.

Apple (AAPL) was today’s options cheater.