As I scan the news today, all I see is talk of the Fed. There is scant other news items - just article after article dissecting what the Fed may do. It's as if the whole market is in the shadow of the Fed and really, it is. For three years this market has worked higher on promises of Fed intervention and extremely low rates. Those low rates created a boondoggle for corporations allowing them to finance their operation almost for free comparatively. Combine that with fewer employees and just a stable sales rate made it possible to turn enormous profits without extraordinary revenue growth. The result was equity prices rose.

We are at a point where rates can't get any lower. Bernanke is intent on holding them at these levels it seems but to get higher valuations corporations have to grow. Those that are able to do so are witnessing great appreciation. Those that aren't - well, they are not.

With the Fed on tap today its a good day to do nothing. If you haven't booked some of these gains off the bottom or at least positioned a bit to protect them, then you need to do that early today while the opportunity remains available. This looks like a sell the news event barring a bit surprise. The only question will be how much selling they do most likely. I'm not pessimistic, just don't care to give up the best/fastest gains I have witnessed all year on a Bernanke led Fed which doesn't deliver something which the market has already discounted.