Another dizzying week ahead as the Fed ponders

LAST week, US stocks had one of their biggest gains of the year as traders bet the on-again, off-again September rate hike was off.

The week continued the most volatile period on the US stock market since the 2008 financial crisis. The market's susceptibility to volatility makes the stakes for Wednesday's Federal Reserve statement even higher than usual. To borrow some of what he calls "truthful hyperbole" from the popular presidential candidate, Donald Trump, the Fed statement is going to be "huge" with a capital 'Y'.

Simply put, the stock market is likely to rally - at least briefly - if the Fed demurs on a rate hike and could well crash if Janet Yellen and her board decide to raise rates.