Today is the big day for the FED at 2PM ET. Bank of Japan announced a zero percent interest rate target for a 10 year Japanese bond. Investors were underwhelmed. Oil is up almost 2% this morning with most world markets in the green.

Yesterday market action looked promising for the bulls and drifted lower back to flat by the close. The Nasdaq reversed after being up early in the day. It was 6 points away from breaking its September 7 high before retreating lower.

Friday’s action was good for the bears on the expiration ‘witching’ day. Oil is trying to gain traction but staying around $44 a barrel. Volume was higher to be expected. The markets will be looking for some direction from the Fed on Wednesday but in the meantime the bulls and bears will dance a bit more.

Overnight, world markets are mixed with oil down 2.3% to $43.50 a barrel. VIX is over 16 and the bulls and bears are pulling stronger. Perhaps next week the FED will break things up and the market will go higher if no interest rate increase is announced.

The markets showed promise early yesterday but deflated into the close. Volume was mixed. Oil dropped over 2%. A bunch of economic reports come out today. Apple is leading the DOW with its iPhone 7 launch demand while Samsung battles over its battery issues on the Note.