Hurry Up And Wait

The market is up a little at the open. There was a flurry of M&A activity this morning, which normally would probably lead to a stronger open, but I suspect it is hard for the market to get any early mojo ahead of the big FOMC meeting.

I am on record as saying that the Fed will pause, and have been calling for this for a while. I would not be surprised to see a "sell the news" reaction in the market, but if this occurs I think any declines will be made up in the near future. The removal of this headwind should be significant for the market.

Sector action is mixed so far. Banks and brokers are up, which is good to see, while tech and retailers are lower, as is energy and materials.

But the real action will come in the final 90 minutes of trading. Don't you love these days?