Melt-Up or Reveral Time is Coming

The market is looking for its melt-up heading into the Federal Open Market Committee meeting. My gut read of the market is that the Fed will have to come in surprisingly hawkish to nip what is forming in the bud. When sentiment is in control, reality doesn't matter. The reaction matters. The Fed's hawkishness or dovishness will be interpreted in the immediate present based on the market's reaction.

Today should be a nothingburger in the markets and that will probably last until 2 PM tomorrow.