The S&P 500 was up every day and moved more than 5% for the week. A high level of negativity and some spark of good news drove the action. We have an important Fed meeting. Expectations for some form of quantitative easing are extremely high and we are likely to see a major move if that news hits on Wednesday at 2:15 p.m. EDT. Despite the big move this week, the market is in the upper end of the trading range with the NASDAQ breaking away. A small retrace Monday would not surprise after such a blistering performance during quad witching expiration.
