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Stocks tip-toed tentatively into the FOMC policy statement on Wednesday, and despite no rate cut, we saw a bit of a relief with some modest buying in the post announcement trading. The Dow gained 38-points or 0.15%, while the S&P, Nasdaq, and the small caps saw moderately larger gains. The Fed did not cut rates but clearly left the door open for one at their next meeting at the end of July.

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Stocks rallied Tuesday on trade optimism and dovish talk out of the ECB. The Dow jumped 353-point, or 1.35%. The S&P 500 and small caps added about 1% each on the day. There was some tentative selling toward the close, but that is not a surprise heading into today's FOMC rate decision. But on whole, it was another Turnaround Tuesday after a week of churning.

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Volume continues to slow in front of this week's Fed decision on interest rates, but that didn't stop the bulls from doing a little buying. The indices did close near the lows of the day but the Dow added 23-points, and the S&P picked up a similar percentage gain of 0.09%. Small caps and the Nasdaq had a good day as growth stocks led, but the Transports were hit hard again for some reason, falling another 1%.

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Stocks were down modestly on Friday, and it took a late sell-off to push the indices into the red. The small caps and Nasdaq lagged with sharper losses while the Dow gave up just 17-points. The rally in the dollar hurt the I-fund while the larger cap U.S. stocks of the S&P 500 were off just slightly. Trading volume was very light as we get closer to the Fed's FOMC meeting this week.

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Stocks mellowed out this week after soaring straight up the previous week while still adding to June's gains. The second week of the month carried a completely different character than the first; stock prices were traded rather than just bought. This is a pretty healthy move for the market. It allowed market players who caught last week's move to solidify profit while letting those left behind to find an appropriate entrance back into stocks. All was done without wild swings and above the previous ...