The Federal Open Market Committee (FOMC) policy statement isn't having too much impact on the market. So far, there has been a slightly negative reaction due to the comment about economic activity pausing. The Fed chalks it up to weather and "other transitory factors" but the important thing is that they will continue to run the printing press and buy more bonds. There is no indication yet that the Fed is even thinking about unraveling any of its quantitative easing efforts and it is still unconcerned about inflation.
Despite the benign Fed, the market has been losing energy today; the small-cap indices are actually seeing the weakest day of the year. Since we have barely seen a downtick, that isn't a very high bar -- but it is a slight change in market character. The action on my screens isn't bad but it isn't very energetic either.
The real test will be the close. As I have pointed out a number of times, this market has not had a weak close all year. If and when that starts to change, my caution level will increase quite a bit.
I have a few small things of interest that I'm looking to buy, but I keep cutting things that are moving and my cash levels are growing.