While Fed Chairwoman Janet Yellen had no intention of doing so, her basic theme in the Q&A session Wednesday was that interest rates would continue to remain low for a considerable period.

Many investors believed that the threat of higher interest rates sooner may have been the result of the Fed meeting. But Yellen & Co. ruled this out, giving bulls a green light to bid prices significantly higher.

In addition, there were also probes taking place in China regarding the Qingdao CCFD into potential Ponzi Schemes involving the metals and commodity markets. This controversy generally would force many to cover potential losses by buying precious metals ETFs and commodity futures positions. This is potentially a huge scandal, with the important impact being some important players are short some commodities.

The day after the Fed’s "stocks aren't overvalued by historical norms" comments, bulls took a breather. There was marginally better economic data Thursday including: slightly improved jobless claims (312K vs. 314K and a prior revised higher to 316K); the Philly Fed Survey expanded (17.8 vs. 13.0 expected and a prior 15.4); and leading indicators were higher (0.5% vs. 0.6% expected and a prior 0.3%).

Geopolitical risks are never far from sight as the crisis in Iraq continues to expand as ISIS seized Saddam's chemical weapons facility and attacks on oil reserves continue to wax and wane between the fighting groups.

Friday brings “quadwitching,” which is a mechanical event often leaving investors scratching their heads. Volume typically increases and options pros hunt down strike prices to disadvantage unsuspecting investors. It's best to stay away from this event.

Most major market headlines revealed markets as slightly positive but under the surface, many markets both at home and overseas struggled.

Leading market sectors included: Silver (SLV), Silver Miners (SIL), Gold (GLD), Gold Miners (GDX), Commodity Tracking ETF (DBC), Energy (XLE), REITs (IYR), Utilities (XLU), Consumer Staples (XLP), Metals & Mining (XME), Japan (EWJ), Australia (EWA), Israel (EIS), EAFE (VEA), Peru (EPU) and Sugar (SSG) among others.

Leading market sectors lower included: Financials (XLF), Banks (KBE), Regional Banks (KRE), Materials (XLB), Retail (XRT), China (FXI), Emerging Markets (EEM), India (EPI), Brazil (EWZ), Russia (RSX), Singapore (EWS), Solar (TAN), Latin America (ILF), Natural Gas (UNG) and Bonds (TLT).

We produced a short video commentary on iShares Silver Trust ETF (SLV) from a weekly chart view perspective.

The top 20 market movers by percentage change in volume whether rising or falling is available daily.

Volume was light Thursday as bulls rested and breadth per the WSJ was slightly positive.

You can follow our comments on Twitter and become a fan of ETF Digest on Facebook.

The NYMO is a market breadth indicator that is based on the difference between the number of advancing and declining issues on the NYSE. When readings are +60/-60 markets are extended short-term.

The McClellan Summation Index is a long-term version of the McClellan Oscillator. It is a market breadth indicator, and interpretation is similar to that of the McClellan Oscillator, except that it is more suited to major trends. I believe readings of +1000/-1000 reveal markets as much extended.

The VIX is a widely used measure of market risk and is often referred to as the "investor fear gauge". Our own interpretation is highlighted in the chart above. The VIX measures the level of put option activity over a 30-day period. Greater buying of put options (protection) causes the index to rise.

Friday is quadwitching which is more of a spectator sport unless you have something you must trade.

The big move in precious metals might be exacerbated by quadwitching, as so many are on the wrong side of this trade.

Let's see what happens.

Dave Fry is founder and publisher of ETF Digest newsletter and has been covering U.S. and global ETFs since 2001.He is the author of "Create Your own ETF Hedge Fund: A Do-It-Yourself Strategy for Private Wealth Management" published by Wiley Finance and "The Best ETFs: U.S. Equities, A Companion Guide to Building Your ETF Portfolio".

Chart annotations are not predictive of any future market action.Rather they demonstrate the author's opinion as to a range of possibilities going forward.