S&P 500 Without Fed Day Performance

To continue the analysis of the last post, below is what the S&P 500 would look like if you excluded the performance of the index on FOMC days.  If you exclude the daily performance of the S&P on FOMC days, the index would be at 1121, 17% lower than it is currently.

Note that this is really more of just an interesting hypothetical analysis rather than a statement of where the S&P would be without the Fed.  It's not really proper analysis to pretend that certain days didn't exist.  Still there are lots of people out there who like to justify buy and hold investing by referring to charts of what the S&P 500 would look like if you weren't invested on the best single days.