Prediction: Tomorrow DOW should be down about 200 points or more so today is a great day to sell and maybe go short. I don't know about Thursday but tomorrow should be a big down day. Now DOW future is up 95 points.
I have taken all my IBB profits from Monday AM gap down, but I am not so sure that I would go short before FOMC. Even if you are right, there is a higher chance of being stopped.
That is not a good idea, get long and sit tight, we are down at the support levels that has been established over the past 5 months. Odds favor going up from here.
The Fed tells us that it is best to buy before FOMC. Even published a paper on it. http://www.newyorkfed.org/research/staff_reports/sr512.pdf
The last 5 point sprint higher in ES has been with no volume, just basically floated up buy lifting the offer. I expect the same thing tonight as everyone knows the fed will publish a dovish statement.
That is why I called a "prediction" and I see market fluctuates and is not really going up in recent weeks. Considering economic data, FED, Greece, my prediction is a down day tomorrow (Wednesday). Closing action (last one hour) should tell us more.