Post-Fed, Post-Holiday thoughts

So the big, bad Fed meeting is out of the way. By now, you should know the Fed hiked short-term rates by 25 basis points, but sounded "dovish" in its post-meeting statement. Specifically, it did not commit in advance to more interest rate hikes. The market promptly through an easy money party.

But now that the 4th of July is behind us, it looks like the market is suffering from the same kind of hangover revelers are. Reason: Fears of looming rate hikes overseas (particularly in Japan) and a blockbuster ADP employment report this morning. It suggests the official June jobs report that'll be released on Friday will be much stronger than the market expected. Indeed, Treasuries have just about given back their entire post-Fed rally.

Gotta love the "one and done" crowd. They keep beating their head against that same wall. But despite all the pain, they insist on coming back on CNBC to proclaim the end of the Fed rate hiking cycle. Sigh. Time for an ice pack, anyone?