It’s a slow day, but things might spark up after the Federal Reserve completes its FOMC gathering.  Consensus says there will be no rate hike, but would-be buyers are probably waiting for confirmation.

The Dow Jones Industrial Average isn’t too far from its all-time high:

• 26,220 today
• 26,951 all-time

The Dow Jones Industrial Average continues to cut through the noise and is powering ahead today, led by financials, Goldman Sachs (GS) and American Express (AXP).

Meanwhile, material stocks are still the best performer over the past week.

But, the most intriguing action is in the S&P Retail Index.

New favorites, like Ulta Beauty (ULTA), which just made a monster intraday reversal higher, to old favorites like Crocs (CROX), up more than 26% today and more than 180% in the past 52 weeks, are rocking, signaling a huge holiday shopping season.

XRT

Meanwhile, communication services and technology are down again today anchored by the stocks that once defied gravity. 

I’m not sure if these names get their mojo back before the next round of financial releases, but there is a bottoming process that could be the launching pad now that expectations are lower.