Semiconductor stocks, such as Texas Instrument (TXN) and Advanced Micro (AMD) are helping the Nasdaq outperform, but most stocks are trading water as we await the Fed interest rate decision this afternoon.
This is pretty typical Fed Day action, as traders do some quick trades while they wait.
Breadth is running slightly ahead, but new all-time highs are down from yesterday. Banks are seeing some follow-through, as investors anticipate enough hawkishness from the Fed to result in strength in the yield curve. I sold down some SPDR Select Sector Financial (XLF) , but the chart is still quite attractive.
We'll have to wait until 2pm when the Fed news hits, but typically the buyers go to work once Janet Yellen and her cohorts are out of the way.
We are seeing a little more selling pressure as I write, with the small-caps lagging, but it is just random noise at this point.