Fed Day

Good morning. Premarket futures have a positive bent as the market looks forward to the Fed statement.

Durable goods orders were unchanged as higher orders for airplanes and defense goods offset weaker sales of machinery and metals. At 10:AM we have a report on new home sales and thirty minutes later the weekly energy report.

Premarket gainers: JBL, CRXL, SATC, NOK, VEXP, HIRE, LMNX, NCOC, NDAQ, DRYS, NVDA, NYNY, AEIS, PIR, BCS, WMB, SWC, GTI, UEC, SSN, IONA, & VISN.

Premarket losers: SONC, APOG, WAB, PDO, BGCP, AAUK, MON, LCAV, BA, FPP, ESLR, AXYS, KWK, DNR, RIMM, ROK, MCO, & STEM.

You know the drill for a Fed day. We have two trading days ahead - one before the Fed and the time after 2:15PM. The first reaction tends to be a false one, but nevertheless with the market looking for something to get us moving again, we should anticipate a sizable move.

From what I'm hearing, a lot of traders seem to want the market to break down here so that we'll set up for a more significant oversold rally later this week and next week as the new quarter begins (keep in mind the best-laid plans of mice and men often go awry). As usual, what the Fed says today will be more important that what it does and the market thinks we'll see a more hawkish Fed.

Beyond the Fed noise, please keep in mind that we have a couple of interesting earnings reports due after the close from Research In Motion (RIMM) and Oracle (ORCL). Have a wonderful Wednesday!