Fed's Rate Decision in Full Focus

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There is so much to talk about. 

The first part is simple: You know it as 'thin to win.' Only 165k ES contracts traded on Globex and 975K  on the day session. The PitBull and I have been talking about the low volumes, asking, “where did it go?” 

All the little selloff did yesterday was shake out some weak longs and add more shorts to the squeeze. That’s as the ES ratcheted up to 4,956 and inches closer to 5,000. 

The second aspect was all the stops above 4,930 — which they ran on their way to 4,950+ yesterday. What a way to start the week, and a busy one at that. 

Lastly, all the back-and-fill the ES has been doing is paying off for the bulls. 

I also have to mention the January month-end and T+2: Marking down the losers and marking up the winners. Seems to me that with only two sessions left in the month, we still go higher, but I wonder if there is an end-of-the-month walk away. We also have to wonder if they’ll rally the markets in the Fed’s Wednesday afternoon event. 

Also, if you didn’t see this, fees from the CME exchange have gone up (and will go into effect on Feb. 1).