It was widely anticipated that the Fed would raise interest rates Wednesday, but the big question was whether it would be dovish or hawkish as far as further rate hikes this year. Fed Chair Janet Yellen made it quite clear that the Fed was not committed to a certain amount of rate hikes. She considered the move Wednesday to be of "minor" significance.

This dovish tone triggered program trades that react to lower interest rates. The programs sold the dollar, bought bonds, bought equities, sold banks, bought precious metals and bought yield plays. It was an automatic response and has happened many times in the past when the Fed made dovish comments. It is one of the reasons that I have written so often that the market loves to love the Fed.

So can the market build on this move? Is there more upside now that expectations for future hikes have dropped? It really depends on how confident the market is about future growth. What the bears need for this market to drop is for the Fed to overestimate growth like it did in December 2015. Yellen seems to have learned her lesson and is not going to commit to any course of action until there is greater clarity about Trump fiscal policy.

I suspect the bears will be out in full force tomorrow with further arguments on why this dovish Fed is a market negative. The Fed is still being market friendly and until that changes it is going to be tough to make money on the downside.

The buy programs were hard at work Wednesday and produced exceptionally strong breadth. The last time we saw that was following Donald Trump's congressional speech and that reversed very sharply the next day.

It will be an interesting battle Thursday as market players debate whether this Fed decision is significant.

Have a good evening. I'll see you Thursday.

At the time of publication, Rev Shark had no positions in the stocks mentioned.