the wait

Markets continue way higher in front of the big FED announcement at 2:15. My guess is we get 75 or 100 bps cut and markets rip to a DJIA close of 500+. Of course I could be wrong and I suspect if we get less than 75 bps the markets will not like it.

Strong sectors - brokers, banks homies, retail, insurance, real estate and emerging markets- weak links - none with metals utils and ags bringing up the rear.

Key stocks- 39 out of 40 in the green with VMW, which should probably bet tossed out, red- strongest include MS GS NYX C UA ICE MER DECK BAC GRMN.

NYSE 2375 net winners;

NAZ 1400 net winners;

NDX -96 GREEN;

OEX- 97 GREEN;

IBD 20- 19 GREEN- CSX NUE RIMM RIG DVN NXY PX CHK APA ORCL XTO WFR CNQ POT EOG IBM ECA HES MA;

VIX- down 12% near the 28.5 level;

TRIN- .47;

Up volume 15X Down volume;

Next stop on SPX is the 1,315 level and if we can ramp up above there it quickly becomes support yet again. 1,340 next resistance and I don't expect Big Ben to disappoint.

Financials, pretty volatile of late, and GS out with "better than expected" numbers this morning. The most telling is the "assets under management" as the flight to quality probably solidifies GS as the go to IB for the next cycle- and a likely $300 stock price eventually- assuming the markets get their mojo back -eventually.