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Intraday Market Notes & Observations -- June 20

2:30 pm ET: The wild swings in the charts of the major averages and the VIX show just how important today's Fed meeting was. In the space of just over a half an hour, the S&P 500 swung 15 points from low to high before settling back into a trading range. This swing represented a 1% move in the index but the real action was taking place in the VIX which moved by nearly 15%! A nimble VIX trader could have made her yearly salary had she been able to play this accurately.

Market action today was concentrated around the Fed who said that while there's no QE3 (quantitative easing) envisioned for the near future, it did say that it will extend operation twist (selling short-term bonds and buying longer term ones) through the end of the year. That seemed to placate investors but it still wasn't what most pundits were expecting. This disappointment seems to be creeping back into the market as the major averages are sinking as of this writing (2:20pm ET).

The one bright spot is coming from the drug sector. The ETF representing big pharma, PJP, is testing its recent all-time high of $32.45. A break through that could propel the stock to further highs. (The stock pays a small dividend and there are no options.) That's about it for now.

Stocks: PJP