SPDR S&P 500 (SPY)

[risk on]

That is actually a good point, and one I didn't really put much thought into. However, I guess I should of clarified, " the initial rate increase, signaling the end of emergency rates". I think the significance of the first rate increase in ever is that " the good ole days" are No more, and the fact the fed actually , finally started to unwind took out the false floor of hope and bliss. That said, you are correct , and we will see that same fed day hype play out multiple times this year, all be it with less " significance " compared to the first, which we already saw in 2015.