It is worth noting that the market has been all about liquidity over the last 13 years, so we'll have to see whether or not we continue to see the Federal Reserve acknowledge that it is the main reason the markets have gone higher and whether or not it even cares.
It will be interesting to see whether or not he blinks. The first sign of dovishness will almost certainly send the market higher, and thereby send this one straight up. If they start talking about concerns about themarket, that is exactly what traders will want to see. However, if they completely ignore the topic altogether, that will almost certainly send markets much lower.
If that happens, I am probably going to buy puts, but I would not get overly aggressive to the downside. I anticipate a move down to the 4000 handle if that does happen, but I would anticipate a certain amount of pushback in that general vicinity. Either way, I think what we are going to hear is a lot of noise. Because of this,, and I think you are better off waiting until the end of the day to see where the chips fall.