Fed faith

The Federal Reserve didn't do or say anything out of the ordinary on Wednesday, and perhaps that's exactly what traders were hoping. They made themselves felt, with more than 85% of volume on the NYSE flowing into advancing securities. That's one of the most lopsided days of buying pressure on any scheduled FOMC decision day in 25 years. A well-known tendency among market watchers is that the first reaction is most often a fakeout, and that proved to be the case here as well. Only 2 out of 17 signals saw the S&P continue to rally uninterrupted.