Like slicing bread with a chainsaw, the Fed still has more dirty work to do, says Wall Street veteran

Is there light at the end of the tunnel? Sure, The Wall Street Journal reported that a 75 basis point hike at the upcoming Fed meeting is all but signed and delivered, but Federal Reserve Vice Chair Lael Brainard said that “at some point” there will be risks from overtightening, and the Beige Book said the outlook for future economic growth remained “generally weak.” Heck, even Apple AAPL, -1.24% kept prices on its new iPhone stable.

Add that up, plus maybe some technical factors, and the S&P 500 SPX, 0.30%...