Last week’s downside reversal was in reaction to a couple of disappointing earnings surprises. It looks to me like nothing more than an aberration within the larger trend, which seems to be growing increasingly choppy. Also, stock and group rotation seems more important than the general market trend.

Seasonal tendencies are bullish this week.

But be very careful on Wednesday. There could be big volatility (in both directions) around the 2:15 p.m. Fed policy announcement. Trading around that news is uncomfortably close to gambling.

Buy dips and sell rallies. Limit risk. The trading range, choppy market, I have been looking for may be starting.