Stocks at All-Time Highs Awaiting Fed Unwind

In what could be a truly historic day for equity investors, stocks sit at all-time highs prior to Wednesday's FOMC rate policy announcement, which is also expected to include a definitive start date of the Federal Reserve's asset disposal program, as the central bank begins to unload up to $4 trillion of assets into the market.

All of the major indices closed at record levels on Tuesday, setting up the FOMC announcement as the ultimate "bell ringer" at the tippy-top of the year-year-plus bull market, the second longest in history.

While it is improbable to call the closing quotes of September 19 the absolute top, it may make some sense to keep stops close, just in case the market has telegraphed the turn.

A turn in markets is usually more subtle, most often without warning, but, considering the fantastical nature of finances in the days of general central bank control, this may be as good a time as any to sit on the sidelines or dispose ones portfolio of risky equity assets.

A complete report will be posted after the close today. The FOMC rate decision is scheduled for 2:00 pm ET.

At the Close, Tuesday, September 19, 2017:
Dow: 22,370.80, +39.45 (+0.18%)
NASDAQ: 6,461.32, +6.68 (+0.10%)
S&P 500: 2,506.65, +2.78 (+0.11%)
NYSE Composite: 12,131.73, +20.28 (+0.17%)