From the word go, the Dow Jones Industrial Average (DJI) took off and never really looked back, reclaiming all of yesterday's pullback with a near triple-digit surge. "Wall Street was abuzz with optimism today on hopes that the Fed will approve some type of stimulus when they announce their decision about interest rates tomorrow," observed Schaeffer's Senior Technical Strategist Ryan Detrick. "This morning's housing data further confirmed a slowing U.S. economy, and so expectations are very high for a fresh round of stimulus to be introduced."

Keep reading to see what else was on our radar today:

• Expectational Analysis^®: Examining the upside potential for Dillard's (DDS).
• Can the PowerShares QQQ Trust (QQQ) shed a light on which way the broad market will travel?
• The Street readies for the Federal Open Market Committee's assessment.

In afternoon trading, the Dow Jones Industrial Average (DJI – 12,837.33) rocketed some 157 points to a session peak of 12,898.94. But by the time the dust settled, the Dow pared some of its gains to close 95.5 points, or 0.8%, higher. All but seven of the 30 blue chips enjoyed upswings, as Bank of America (BAC) led the outperforming issues with a 4.5% jump. Hewlett-Packard's (HPQ) 1.1% deficit paced the losing components.

The S&P 500 Index (SPX – 1,357.98) notched a fourth consecutive win today, adding 13.2 points, or roughly 1%. Meanwhile, the Nasdaq Composite (COMP – 2,929.76) once again posted the best performance of its peers, rising 34.4 points, or 1.2%.

The CBOE Market Volatility Index (VIX – 18.38) found its way to a fractional win today, adding 0.3%, and landing just below its session peak of 18.62. However, today marked the VIX's second straight close below 20.

Today's highlight: "Oracle (ORCL) reported solid earnings and this put a bid under tech," said Detrick. "Small-cap stocks also had a great day. I love to see small-cap leadership for signs that a rally is healthy. At the same time, we're finally ready to hear what the Fed has to say." Ryan added, "Get your popcorn ready because tomorrow should be a fun ride."

Turning to today's major market stories...

• The PowerShares QQQ Trust (QQQ) could hold clues about what's in store for the broader equities market.
• Blue chips Walt Disney (DIS) and Home Depot (HD) achieved new record peaks today.
• A shareholder wrote covered calls to protect their position on Teva Pharmaceutical (TEVA).
• Several large blocks of Citigroup's (C) December calls were bought to open in morning trading.
• An abundance of bearish sentiment could provide a contrarian boon for Dillard's (DDS).
• CLSA Asia-Pacific Markets adjusted its stance on Monster Beverage (MNST) and Oracle (ORCL).
• Short-term options players are counting on Kohl's (KSS) recent weakness to continue.
• Weekly call options were exceedingly popular on Apple (AAPL) and First Solar (FSLR), while J.C. Penney's (JCP) weekly put options flew off the shelf.
• In a recent Bloomberg Radio interview, Ryan Detrick discussed a variety of topics, including contrarian analysis, sentiment, and key technical levels to keep an eye on.

For today's activity in commodities, options, and more, head to page 2.