NEW YORK (TheStreet) -- The markets rose on stronger-than-expected economic data and were ignoring thoughts of this afternoon's FOMC announcement, Alan Valdes of DME Securities told TheStreet's Debra Borchardt.

With solid earnings from MasterCard ( MA) and with ADP and GDP reports coming in better than expected, markets had a reason to start strong Wednesday. However, that could change after the Federal Reserve's FOMC announcement at 2:00 p.m. EDT, although Valdes doubts that will happen.

He said the Fed won't want to ruin any of the rally that has taken place in the last month, especially going into August, a time of year where equities are generally sluggish. He expects tapering of the Fed's bond buying to begin in the fall and traders are prepared, so he doesn't expect the selling to be all that bad.

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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