It should be an interesting day today in the markets.

The Fed updates its policy statement. Be on the lookout for interpretations of what it means for interest rates. As we all know, interest rate news moves the markets like no other news. They're not expected to change the overnight bank lending rate from its current 5.25% level, but even a confirmation of that policy will be news enough to renew confidence. Whether it's the bulls' or the bears' confidence which gets bolstered remains to be seen.

The Department of Commerce will release it's 1st quarter economic growth statement later this morning They're expected to revise GDP up just a little and to report that inflation is still in check. Hard to believe inflation's in check. Anyone bought a pizza lately? Anything with milk in it? Grain products are headed up.

As for me, I'll be updating charts and looking for opportunities. This market, like the economy, and like the worldwide economy in general, is doing well. Sectors that get out of control are taken out behind the wood shed for a good drubbing, resulting in a healthy sobriety among investors.

The recent week's ~1% pullback has also served as a wake-up call to investors that trees don't grow to the sky.