Today the Fed dropped the word "patient" in regards to raising interest rates and instead of bumming out the market, the major averages screamed to the upside. What this indicates is that Wall Street was expecting the move but what they didn't expect was the change in the Fed's criteria for a rate hike. Yellen & Co made it clear that unemployment needs to drop even further (it's already at their target rate) and that GDP growth needs to amp up. Perhaps the rising dollar is forcing them to revise their stance..?

All of the major averages notched significant gains with the Russell 2000 (RUT) advancing to another all-time high. The VIX, which has been staying stubbornly high, finally dropped back below 15 putting it officially back in bullish territory--for now.

Nearly every sector closed the day in the green--an impressive move, to say the least. Even recent laggards rose: bonds, oil, precious metals (especially the gold miners), and agricultural commodities (aka "softs"). Virtually the only losers were the banks (which will have to wait longer to benefit from rising interest rates) and, more importantly, the US dollar. The long dollar etf (UUP) gave up nearly 2%--its largest percentage move in, well, a very long time. The stock is currently testing $25.75 resistance and a fall below that would indicate further downside to at least the $25.50 level. You might want to consider booking that European vacay now!

Today's bullish flow: There was heavy rotation out of the bear oil and precious metal funds and back into the larger tech names (PCLN, AMZN, GOOGL). Inflows were also seen in the usual suspects: healthcare, pharma, biotech, insurance, and select tech-based small-caps. Money is also flowing into foreign stocks, especially Japanese ones. Hitting new highs today were the following Japanese companies with stock trading on US exchanges: Sony (SNE, $28.11), Canon (CAJ, $34.31), Tokio Marine (TKOMY, $38.28), and Secom (SOMLY, $16.28). Share prices moved up over 2% (Sony shot up over 5%) and the latter three (CAJ, TKOMY, SOMLY) broke above major resistance levels. All of these companies sport relatively low P/E's (Secom's is the highest at 22) and all should continue to do well in a falling Yen environment. If you want to play a broad basket of Japanese stocks, the EWJ ($12.76) is one way to go. The stock recently broke out of a two year channeling pattern to hit a multi-year high. Based on technicals, the stock can easily make a run to the $13.50-$13.75 area. This etf has very liquid options, FYI.

Also getting some love were two Swiss banks: Credit Suisse (CS, $25.48) and Julius Baer (JBAXY, $9.62). Credit Suisse moved over $25 resistance while Julius Baer pushed out of a 13 month base. Both stocks appear to be in rally mode and could continue moving higher as long as the euro moves up against the dollar.