The FOMC announcement after its meeting has become even more prominent and scrutinized since the beginning of quantitative easing. Today was no exception with lots of special programming on CNBC and every guest being quizzed about the Fed and the tapering of the QE program. The announcement was a yawn - same ole, same ole. The tapering continues at the rate of a ten billion dollar reduction after each fed meeting and interest rates will remain effectively at zero for the foreseeable future. Many thought this morning's shocking GDP number for the first quarter, +0.1% as compared to the fourth quarter +2.6%, might cause the Fed to blink. But they chalked it up to winter storm effects and moved on.

The markets were basically trading sideways before the announcement and nothing really changed after the announcement. SPX gained $6 to close at $1884 and RUT also gained $6, closing at $1127. The VIX dropped about a third of a point to 13.4%. SPX has been testing resistance at $1885 for several sessions now, so I will be watching for that break-out to confirm a bullish trend. On the other hand, RUT has been testing support at its 200 dma at $1113 for several sessions. I will be surprised to see SPX break through $1885 and begin to challenge the 2014 highs. This market's recent price action just seems to be choppy and sideways. The Fed should continue to serve as a base of support for the market, but it may be difficult to generate a new leg upward until the fall. The old "Sell in May" Wall Street adage may be starting early this year.