Stocks attempted to rally today, and once again flopped into the close, although they managed to finish off their lows and nearly unchanged.

Gold caught a bid in a clear flight to safety, if but a bit subdued. Silver and the Dollar moved sideways.

The FOMC meeting tomorrow may be pivotal for the markets, at least for a little while.

The Fed is almost universally expected to raise rates a last 25 bp for the year. And I fully believe that they will, or otherwise shock the markets.

It is what they say and indicate about next year that is important. They are strong whispers that they will signal a more cautious, data-focused approached towards raising rates, with dovish overtones.

They might have done so more strongly, but the Big Tweet had to threaten them, which makes their task all the more complicated, as they cannot be seen to be giving in to bullying, or lose what little credibility they have remains.

There will be a stock option expiration on Friday.

If the wise guys want to rig a Santa rally, the end of this week is as likely a time as we will see all things considered. It would help to know in detail the short interest and amount of puts held, and volumes in the bearish ETFs.That provides fodder for a proper jam-job.

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