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Chicago Trader: Rally back is too emotional

Traders signal offers in the Standard & Poor's 500 stock index options pit at the Chicago Board Options Exchange (CBOE) following the Federal Open Market Committee meeting in Chicago, Illinois.
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Although the Windy City is nearing 30 degrees below with the wind chill today, the trading action is white hot. Emotions are running high in the Chicago pits again as we see the S&P 500 futures rip back.

The S&P's 100-day moving average was indeed the 2015 welcome mat for bulls as that's right about where the market pivoted.

Amazing to see the snap back of nearly three percent in just two sessions, but I believe this is the new normal of the realized volatility moves we will incur in 2015. ("Realized volatility" is the actual daily movement of the index.)

For today…