The Fed did not raise rates yesterday (as expected), but they also did not waiver from their position of gradually raising interest rates until they reach a sweet spot where incremental changes should not affect global stock markets. For now, the expected rate hike at the Dec meeting has brought out the bears during the ES European session. The media giant Walt Disney Co is up premarket after topping earnings estimates and touting their new Disney+ streaming service which will come online next year. Earnings today include ATHN, TRCO, REV, and SSP. The economic calendar focus is PPI @ 8:30am EST and Consumer Sentiment @ 10:00am EST although the Fed’s current unwavering path should minimize the impact of these reports. The Fed’s Quarles speaks @ 9:05am EST. Volatility remains high although shrinking. Better chance for high volatility to the downside than the upside. Size bias is short into the US session open.