I really can't stand FOMC days. I feel like I'm walking down a dark alley in a really bad neighborhood, and some bearded, professorial-looking guy with a briefcase is about to leap out of a crevice and mug me.
I am thus pretty light today, having no large positions of any kind, but a wide variety of small ones. I note with interest that the Russell 2000 – – more specifically, the IWM – – was poised to claw its way back to the underbelly of its trendline, and it seemed to do just that earlier today.
This is my "line in the sand" with respect to the small caps. Piercing this level would negate a pretty long-term trendline and – incredibly – represent a new recovery high. But it hasn't happened yet, and it might not happen.
What we do know is that even though the Fed has absolutely nothing to say (except for the paragraph that I helpfully provided yesterday………was I right about the SOTU, or what?), the entire world will do its utterly predictable heart attack routine at 2:15 EST and will read volumes about the future of the economy with every semi-colon and hyphen in the announcement.
It'll be nice when it's out of the way. Note that I'm going to be on the quiet side today since I'll be dealing with this nonsense.