Brace for FOMC surprises

FOR WEDNESDAY: (7/27) S & P up overnight as they are buying APPLE. FOMC days are often filled with surprises, and some cycles suggest as much for Wednesday. Given recent Fed Governor testimony, it’s hard to imagine anything hawkish. We do have Bank of Japan on Friday and another surprise and volatile cycle looming there. We’ll try to play the head fakes and counter-reactions after the announcement but sometimes it’s hard to get your orders in and beat those computer buy programs.