Somewhat predictably after yesterday's afternoon jitters, the major indices gaped higher and remain above their moderately rising VWAPs on fairly strong internals. I expect that price action will quiet down going into the announcement, then noise levels will begin to rise significantly directly into and after the announcement. Don't forget to check back later today for a mark up of the policy statement. Here is the November statement as a baseline. The usual play book is to fade any large move higher at the end of day, should that occur. As a breaking news point, I hear that Greece just had its sovereign debt officially downgraded to triple-B.
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