This is the way I see it. I would love to hear from someone like Rearden Metal: The stocks were raging forward upon the Fed's announcement not to raise rates with money pouring in to the market. Suddenly, the ENTIRE market did a 180 degree turn and went raging in the other direction. Everyone trying to hitch a ride lost out. Many of those who were correctly shorting the market also conveniantly lost out, as their stop losses were triggered before the reveresal. The ones to benefit were the specialists, who I truly believe conspired based upon the sharpness of the turn, and based upon what type of market they stopped. I believe they made $5 billion in 30 minutes.