It has been a cautious session thus far as most investors are looking forward to the conclusion of the FOMC gathering with guarded optimism. Will Powell finally read the room? or does the ceiling have to cave in before he realizes Wall Street tantrums can be lethal?  

There is still a cautious feel to the action, but the rotation crowd which began to look across at tech yesterday are warming up once again to their old love. 

But it is going to take more than lowered valuations to rekindle that sizzling love affair that saw big growth names dominate for so long. 

I like the action in semiconductors which I think are the key to turning around big tech. 

I also like that the VIX hit its lowest level since the Pandemic which is the antithesis of all the fear you are hearing in the news.