The Fed will release its decision on rates tomorrow afternoon (2:15), so we can expect some afternoon volatility. Over the years, we have noticed that many traders will not take a position in a stock ahead of the Fed or even move to a 100% cash position before the report. The way we deal with the Fed is the way we deal with all news, we simplify everything down to price and volume action. Our goal is to concentrate on the price and volume action of each stock, as that will tell us when to buy, sell, or hold. It’s not the news that matters to us, so much as how our stocks/ETFs respond to the news. SPDR S&P Biotech ($XBI) has broken out to new highs for the year well ahead of the S&P 500, which is detailed on the chart.