Actually, the wai-ai-aiting is the easiest part.

Hovering at the highs ahead of FOMC.

It”s less than an hour before the FOMC policy statement becomes history. Everyone “knows” the hike won”t come before September. Hearing it from the collective horses” mouth could ignite a positive reaction.

Perhaps that anticipation is responsible already for this morning”s rally. Still, there”s a slight difference between knowing what will be said, and hearing it finally said. The unknown particulars might be inhibiting some of the rally, too.

But if an initially favorable knee-jerk reaction isn”t being rejected within its first several minutes, then a massive short-squeeze targeting new highs could be underway. Otherwise, the slightest hint of hiking any earlier — like noting the ability to act between meetings — would more likely incite a steep reaction down.