The "Fed Drift" trade has not been working out...

The past two fed calendar meetings (July 25-26 and Sept 19-20) have resulted in little action on the "Fed Drift" trade (if you buy the S&P on the stock market open on the day prior to a Fed meeting, and sell about 15 minutes prior to the announcement at 2:15 the following day). Perhaps this is simply because - as has been noted before - once a strategy is identified it no longer works. I have noticed that the market has tended to sell-off following the last few meetings. Perhaps this is a new trend or just an anomaly. As far as the meeting went, Yellen announced that they will begin running off about $10 Billion a month of holdings to shrink the balance sheet, as expected, and the dot plot for increasing rates was a little more hawkish than expected. The fact is that if the Fed buying up securities caused the stock market to rise, then logically one would think that selling off (or allowing the balance sheet to shrink) would have the opposite reaction. I am reluctantly short the S&P here around 2,500. We shall see. At any rate we are long overdue for a correction of any kind.