Why would you make a big bet before a meeting you've been waiting for since the end of June?
We've got a lot of economic news between now and the next Fed meeting in May. The path of least resistance is higher, but there's a bumpy road.
The rhetoric from the meeting will be the most important catalyst,
I'm thinking the Fed will leave the rates unchanged, ... We've ramped up pretty higher into this meeting and my concern is the psychological letdown if the rhetoric remains strong.
But if I had to venture a guess I think we'll start trending higher up until the Fed meeting on Tuesday and then really take off. Unfortunately, the volumes remain anemic here so there's not a whole lot of action going on either way.