NEW YORK (TheStreet) -- The markets were up as investors prepared for the Federal Reserve meeting this week.

In a market positioning day, the DJIA gained 228.11 points to close at 17,977.42 while the S&P 500 was higher by 27.79 points to finish at 2,081.19. The Nasdaq gained 57.74 to close at 4,929.50 and the Russell 2000 gained 7.64 to finish at 1,239.77.

All eyes are now on the Federal Reserve and the communique from the Federal Open Market Committee FOMC meeting that starts on Tuesday and concludes on Wednesday of this week.

In addition, it appears that the markets are expecting the Federal Reserve to become dovish again and not raise interest rates in the near future.

The bond market was higher on Monday, interest rates lower, and the PowerShares DB U.S. Dollar Index Fund (UUP - Get Report) was lower, closing down 0.75%. Having a lower dollar would be the equivalent to a rate cut since the dollar would move higher if the markets anticipated a rate increase.

Keep in mind, that there has been 23 rates cuts globally and for the U.S. Federal Reserve to raise rates would be catastrophic for emerging markets around the world.

In sum, traders need to stay patient and wait for the outcome of the FOMC meeting and watch for the word "patient" to remain in the communique or, at the very least, "data dependent."

Owens Illinois (OI - Get Report) and Harris Corp (HRS), mentioned this past Friday, were higher on Monday, both gaining over 1%. One stock that currently has an oversold signal is BP (BP - Get Report) and should move higher over the next day or two.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.