It is a game of wait-and-see today. The Fed gets ready to show us what additional accommodation looks like and how Powell & Co can keep priming the pump as vaccines become more widely distributed and Congress cuts more checks.

The street is spoiled and fickle. I am not sure what stops a selling tantrum, but I would say be careful not to get caught up in the initial reaction from the market.  I find the next day is better for evaluating what a sober market thinks of the FOMC decisions.

We got the latest on homebuilder sentiment, which pulled back a bit from the all-time high and came in below consensus.  The data, much like most reports out in recent days, showed signs the V-shaped recovery is potentially stalling.

In addition of waiting on the Fed, we are waiting on Congress to step up.  There is no telling if they will pass and what a package would look like. Yesterday, there was talk of no household checks or business liability protection. Today, the scuttlebutt says household could get $700 checks.

Hang on folks, this could be a wild final couple of hours of trading.