The Fed is closing it eyes when it comes to inflation. They are blind to the realities and use manipulated CPI and government inflation numbers to justify infinite QE. You think they will suddenly find religion now and admit there is inflation? Not from the Bernank. But the game has been going on for so long now that traders have caught on and are bidding up stocks ahead of the meeting. They know it will be the same excuses for the same policies. Move on.
A marginal break of the February highs could set us up for performance chasing by funds and capitulation by shorts. We hit a new high yesterday. A few more days of new highs should be enough to get the hesistant on board to fill up the train for the trip to downtown.
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