The market is once again in Fed-watch mode in front of today's meeting. Meeting minutes will be released at 2:15 p.m. EST. Until this time don't expect much to happen. In fact, trading activity is likely to mirror yesterday's activity. After the meeting we should see some fireworks, which in the final analysis may or may not mean a thing.
The broader market is set up for an upside breakout here, but the potential for a fade (where sellers use the breakout to sell) is strong here. If indeed the broad market breakout does fail it should bolster support in the oil stocks, which have been enjoying a slow rotation as profits earned in the blue chips have been moving into the energy sector.
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