We head into the second half of the session with the Dow Jones Industrial Average (DJIA) up 115 points. The S&P 500 (SPX) is showing a comparable percentage gain to the Dow while the Nasdaq Composite (COMP) is just slightly weaker. The Russell 2000 (RUT), yesterday’s leader, is flat.

Today’s strongest groups are the Semiconductor HOLDRS (SMH), AMEX Pharmaceutical Index (DRG), and Natural Gas Index (XNG). The Dow Jones Transport Index (.TRAN), Amex Biotech Index (BTK), and iShares Treasury Bond (TLT) are the weakest areas.

My closing comments on Tuesday focused on the pullback to support. The buzz today is, of course, all about the two-day Fed fest. With the 2:15 p.m. announcement looming, I am not putting too much emphasis on the intraday action. I just scanned a few accounts of what to expect and it seems that at least some are hoping for some upbeat comments about the economy. We don’t have to wait long to see if Big Ben will deliver.

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