Winner-Take-All Fed Meeting

Drifting price action across several markets leads us into the Fed coming up at 2pm EST. The VIX sluggish and not indicating much in the way of trepidation by market plays. Major biotech REGN is halted as we likely await news on the AMGN REGN patent beef. 

Biotechs, as a group, continue to be the weak link, perhaps a commentary on how fund managers are looking down the risk line at "safer" plays to pile into, in lieu of the high growth but high beta biotechs. Still, I suspect the AWK KO MCD types of safe plays are running on borrowed time in the short-term, with respect to how crowded they may be with longs looking for a home. 

Coffee is quietly having a terrific session, one of the soft commodities we have been featuring for Members of late as improving under-the-radar. 

Overall, headed into the Fed we have our eyes on the small cap ETF 30-minute chart, below. Note the consolidation morphing out since last week. We think another move below $106 after the Fed dust settles could easily get the ball rolling downhill. Bulls, alternatively, want to reclaim $107.50 at least.