The Road Leading Up to the Fed

In front of a larger-than-usal Fed Day on Wednesday, namely due to Chair Yellen's press conference and the Fed Members' forecasts, the market is bouncing reasonably well this morning after last week's volatility. 

Notable laggards include premier names like FB and NFLX, though. A beaten-down name like BABA is trying to stage a snapback rally, but remains damaged goods overall and should likely be sold into strength. 

And despite the U.S. Dollar pausing a bit here, commodities are, by and large, getting pounded again. Crude oil is the weak sister in the group, along with corn, while coffee is outperforming the group for a change (see daily chart coffee ETN JO, below). 

A few of my shorts are drifting up against me, while my GOGO long is grinding up to prior highs. I am not likely to the market too aggressively before the Fed, especially with volume likely to diminish tomorrow for St. Patrick's Day. 

Still, the coffee action is promising. Also keep an eye on GRUB on the long side, a name I mentioned in my weekend video as a breakout candidate, over $45.