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Will Fed Day Gains Continue?

Tomorrow is yet another Fed Day -- a Fed Day in which Bernanke & Co. is all but guaranteed to keep rates unchanged at 0% for the 34th meeting in a row dating back to December 16th, 2008.  Fed Days have been extremely positive for the market since ZIRP (zero interest rate policy) was enacted during those dark days of the financial crisis.  So good that more than 30% of the market's gains over this time period have come on Fed Days alone!  

As shown below, the S&P 500 is currently up 73.60% since the close on the day before ZIRP was first implemented on December 16th, 2008.  If you just look at the S&P 500's one-day change on all Fed Days since then, the cumulative gain is 23.69%, which represents 32.2% of the total gain.  Pretty astounding.