Markets will likely be range bound until the FOMC meeting is done. While the FOMC is likely to keep rates unchange, it still provides an unkown that the market is unwilling to ignore. Interest rates are tied to the market causing a potential sector rotation with just a couple of basis points.

With the advent of the 24 hour business news cycle, the market gets handicapped constantly creating some wild temporary swings in the market. These swings can be good if you maintain a plan. In the simplest terms, we want to stay long without adding positions during periods of uncertainty like FOMC meetings. Watchlists should be beefed up so the best stocks, futures or options on the list can be executed.