At 2:15 ET, the Fed is expected to raise the key overnight lending rate 1/4% to 5.00%. The bigger focus will be on what the fed says in its policy minutes, and then we need to quickly turn our eyes toward the reaction of gold and the dollar.

If the fed does pause and the dollar continues to slide, followed by a rally in gold, this is a signal that investors believe the fed has more work to do to fight off inflation.

The initial reaction to a fed pause may create a false sense of euphoria, but soon investors will wake up to the fact that the fed may not be through. I don't know how long it will take the financial markets to figure this out, but we are sticking to our initial upside targets of S&P 1350, Dow 11,750, and NASDAQ 2400.