It’s Super Wednesday eve, and not a trader is stirring — at least in the early going.

Sure, oil is losing altitude, but stock gauges worldwide aren’t making huge moves. Everyone seems to be waiting for the Federal Reserve and Bank of Japan’s big policy announcements tomorrow.

The central-bank double-header is being called “Super Wednesday,” like it or not. There is buzz about how markets already have done the Fed’s work and about how the BOJ could steal Yellen & Co.’s thunder.

You’ve also got folks predicting the yen USDJPY, +0.21% will weaken, as well as forecasts for muted action overall until tomorrow. Jeff Gundlach expects a hawkish Fed tone but no rate rise, and economists are refusing to rule out a surprise hike.

The Fed becoming less loosey-goosey is already baked into markets quite a bit, and that’s one reason why it’s time to jump into U.S. stocks, according to our call of the day. More below on that, from the Kobeissi Letter.

Meanwhile, today’s chart suggests it’s too soon to start going to cash in a big way.

Key market gauges

S&P futures US:ESZ6 and Dow US:YMZ6 are up modestly, even as oil CLV26, pulls back. Europe SXXP, +0.20% is moderately higher, while Asia closed little changed. Gold US:GCZ6 and ICE’s dollar index DXY, +0.16% aren’t doing much.

The call

A lot of Fed hawkishness has been priced into the markets, and it’s not warranted, according to Adam Kobeissi and his team.

On top of that, they point out the slumping S&P 500 SPX, +1.05% has found support several times at a key chart area — between 2,110 and 2,130. Therefore, “buying the market at this point is a good idea,” the latest Kobeissi Letter reads.

“We have increased long exposure and still believe 2,200 on the S&P is a potential by year end,” they say in their missive.

“It is important to note that volatility will increase, especially with WTI crude oil prices below $45/barrel,” they add. “For this reason, we encourage our subscribers to watch the 2,110 level on the S&P 500. If the market does manage to break below this level, we believe long positions should be reduced.”

One newsletter sees support between 2,110 and 2,130. FactSet, MarketWatch

The economy

The focus is on the Fed and BOJ, but traders also got a weaker-than-expected reading on U.S. housing starts ahead of the open.

And let’s not forget that a central-bank hootenanny failed to get investors dancing for joy earlier this month:

Check out:MarketWatch’s Economic Calendar

The chart

Royal London Asset Management

What time is it? It’s a good moment for betting on commodities, and not yet time to make a huge shift into cash, according to an “investment clock” from Royal London Asset Management.

The clock, shown above, aims to provide “a model-based framework linking asset returns to different phases of the global business cycle,” writes Royal London’s Trevor Greetham.

Right now, we’re in the “overheat” phase shown in the schematic. That’s good for commodities, given the background of global growth and inflation, Greetham says.

Go here to read his full post.

The stat

“These go to 11.” Everett Collection

1,200 — That’s about how many trades of the Guggenheim S&P 500 Equal Weight Financials ETF RYF, -1.01% were canceled yesterday, as a bunch of traders somehow “didn’t get the memo” about the S&P 500 dialing it up to 11 in terms of sectors.

The buzz

Lennar’s stock LEN, +4.03% is up premarket after the home builder’s quarterly earnings beat expectations, while Ascena Retail US:ASNA is diving after its disappointing release late yesterday.

Google looks like it’s planning to unveil a new smartphone on Oct. 4, and the Alphabet GOOG, +2.39% GOOGL, +2.07% unit may even replace its Nexus brand name with “Pixel.”

George Soros is investing half a billion dollars in migrants.

Gasoline prices have soared across the Southeast U.S. following a major pipeline’s shutdown. Drivers are already shelling out unnecessary billions for premium gas, says the AAA.

Allergan US:AGN plans to buy Tobira Therapeutics US:TBRA for $1.7 billion.

George H.W. Bush reportedly will vote for Hillary Clinton rather than his party’s nominee. If the GOP pushes him out the door, at least he’s skilled with parachutes.

Did you hear about China’s financial sector looking stressed?

Revenue for S&P 500 companies is getting better:

The quote

“Skittles are candy. Refugees are people.” — Denise Young, vice president of corporate affairs for Wrigley Americas, is among those responding to Donald Trump Jr. likening refugees to poisoned sweets.

Read:Donald Trump Jr. compares refugees to death-dealing Skittles, sparks a storm

Random reads

“The country is throbbing with anxiety,” says a trauma expert after the past weekend’s attacks.

For the first time since 2012, the U.S. is the world’s top skiing spot, overtaking France.

The story of the Zuckerberg roommate who is officiating weddings, not coding.

Bumgarner’s meltdown with Puig led to a bench-clearing brawl and another collapse by the Giants.

The Justice Department is investigating as this footage gets attention:

Police release footage of deadly Tulsa shooting

No, Deckers DECK, +3.19% — just no:

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