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The Market Sings A Bohemian Rhapsody

If the market could sing a song today, it would be Bohemian Rhapsody by Queen. She would sing, "Nothing really matters to me." Nothing matters to this market except the Federal Open Market Committee's upcoming Monetary Policy Statement release due Wednesday afternoon. So for now, nothing really matters anymore.

On Monday, stocks edged up a little higher and today they're edging down a little lower. We have traded this way over the last few days. It's purely because there is nowhere to go until the key catalyst is reported and we have our important information to take our lead from.

The FOMC Statement is so key to this market it should determine direction for the next 3 to 6 months in my opinion. On Wednesday, it could even start us on a path to our first 10% market correction in 41 months; we are well overdue friends. Stocks are up more than 240% since that dire day in March 2009 when we touched bottom. And if the Fed removes its cautionary language from the policy statement, it clears the way for its first rate hike. Read more