Its that time again

I don't think that we are getting a taper today but if we do don't overreact it may already be priced in. 

Good morning folks

Its Fed Day once again, its probably going to be fairly uneventful prior to the announcement. I am expecting more choppy action like we have been experiencing for the last week. If I am in any trades this morning I will look to exit before the announcement. 

Then after the announcement I plan to wait 15 or 20 minutes before I get involved in any trades. The market tends to have a knee jerk reaction, then once everyone really absorbs what was said and the meaning behind it, we can get an idea of the direction we are heading. 

There is nothing wrong with sitting on the sidelines on days like this, which is exactly what I may do. I will have to see something really compelling to get involved.   

Housing starts  and permits were fairly strong so home builders could be in play

$HOV 200 day cross

Morning movers and other stocks that caught my eye

$WPCS pr last night gapper I would not chase the open, $KTOS pr 200 ma bounce, $ICLD 10 dolla holla, $OMER pr last night 50 day cross, $BCRX pr potential flat top B/O, $KERX pr 50 ma bounce, $OSIR small float pr 15 dolla holla, $RSOL continuation 

Seeking Alpha

Today's Markets:
In Asia, Japan +2% to 15587.8. Hong Kong +0.3% to 23144. China -0.1% to 2148. India +1.2% 20860.
In Europe, at midday, London +0.3%. Paris +0.6%. Frankfurt +0.9%.
Futures at 6:20: Dow +0.3%. S&P +0.3%. Nasdaq +0.3%. Crude +0.1% to $97.34. Gold +0.1% to $1231.80.
Ten-year Treasury Yield -1 bps to 2.85%

Today's economic calendar:
7:00 MBA Mortgage Applications
8:30 Housing Starts
10:30 EIA Petroleum Inventories
1:00 PM Results of $35B, 5-Year Note Auction
2:00 PM FOMC Announcement
2:00 PM FOMC Forecast
2:30 PM Bernanke Press Conference

Notable earnings before today's open: FDX, GIS, LEN

Notable earnings after today's close: ORCL, PAYX, SCS

“Carry overs” are stocks that I have featured in prior videos, have on my alert list or tagged on my morning mover lists that still have a potential setup working or developing on the chart that may be actionable. They are still on my radar and I am either already in with a swing or I am looking to enter on a breakout. I am also looking for the setup to breakdown at which point it will discard it from my hot watch list. If I am already in it with a swing I am looking for a place to scale out or exit the trade and on rare occasions I may be adding to my position. Typically I like to sell into strength
$ICLD, $LEI, $CECE, $OGEN, $EVC, $ALJ,  $ETAK, $ARTX, $PGNX, $GERN, $GURE, $PME, TNXP, $GTN, CBET, $NIHD, $DVR, $MITK, $EBR. FCEL, LIQT, $LTS, $ENZN  $UQM, $DEPO, $NEO, $DSCO, $ADXS, $UIHC, $IDIX, $CYTK, $MNKD, $RSYS, $LOJN, $CBR, $AMCF, $BORN, $ICAD, $TRIT, $PRIS, $VISN, $AUXL, $CREG, $CRDS, $EGY, $QUIK, $GFIG, $ZHNE, $LRAD, $KNDI, $OPK, $MLNK  $SIRI, $MGM, $QTWW, $EXTR, $OTIV $OPXA $VNDA, $KIOR, $YRCW, $PLUG, $FCEL, $SGOC     

$ARWR $ARAY< $ETRM $IMMU $FREE,$CNDO, $CCIH, $GOMO, $BWEN, $ACST, $CAMT, $PRGN, $TNK, $PACB, $WPCS, $OMER, $IPCI, $DRYS, $UNIS, $VRNG, $QUIK

$S $AKS, $AXU, $CBR, $ESEA, $BALT $RVLT $CTCT

Starting something new

 I will be doing videos for Swing positions both current and for stocks that are on my radar. These are often higher priced stocks with really sweet looking setups. These videos will be posted each weekend in @Noanettraders "trader education for members." Noanet is an excellent trader and he has a fantastic service where you can sign up for a free 5 day trial. If you haven't already, go by and check it out and this is where you will find my swing videos. http://www.noanettrader.com/

Good luck Trading today !!