I am losing Patience with the word Patience

Good morning folks, 
Today is the big day. 

Will Janet Yellen keep the word patience in the statement or will we have a new hot button word like Flexible, Tolerance, Diligence, or Perseverance that we can obsess over? I am intrigued to see how the market reacts to the statement since we can not seem to make up our mind as to what direction we want to take the markets. Maybe after today's statement we will get more clarity there.

Meanwhile, oil continues to take out new lows, Greece is being difficult, Congress still doesn't have a clue, Britain presents the U.K annual budget to Parliament, and I am sure something is going on over in Brazil  Russia India China that will give you even more to try and digest and interpret how it will impact the stock market. The bottom line is all that really matters is price action. 

Who really cares if the word patience stays in the statement? 

Eventually interest rates will have to go up, in my opinion, getting back to a more normalized interest rate policy would be a good thing. If we get a sell off then eventually we will have a nice buying opportunity. Regardless of what happens out there or what the new worry of the day may be, there will always be trading opportunities and price tells the story.

Stocks on my Radar
RXDX pr last night gapper thin one, RTRX news gapper look for intraday setup, PCYO possible continuation off pr from yesterday, BONE earnings beat possible 4 dolla holla, NVGN pr this morning big gapper can be a pop and flopper so be careful, NPTN continues to gring higher, CANF nice daily pr this morning potential 5 dolla holla candidate, XUE  PR insider buy china name thin, NBY penny play possible continuation, ATNM pr lil gapper off phase 1 pr

CNBC in the NEWS

	IN THE NEWS TODAY

Ahead of this afternoon's Fed policy statement, U.S. stock futures were lower in early trading, after the Dow fell 128-points Tuesday-its eighth triple-digit move in the past 11 sessions. (CNBC) Today's long-awaited Fed statement will settle the burning question on Wall Street: Will "patient" be dropped from the text? It's a change that could shed light on when interest rates might rise. (CNBC) A rate hike by the Fed later this year could send financial markets into a 1937-style tailspin, warned Ray Dalio, founder of the $165 billion hedge fund Bridgewater Associates. But other experts downplayed that scenario. (CNBC) As investors await a signal from the Fed on rates, Gloom, Boom & Doom Report Editor Marc Faber thinks policymakers will keep them waiting,predicting no hike this year. (CNBC) U.S. oil prices were sharply lower again this morning, as domestic crude stocks surged for the tenth straight week, fueling supply concerns of a global glut in the market. (Reuters) Major banks were cutting expectations for Alibaba (BABA) ahead of today's lockup expiration, citing near-term growth challenges. The Chinese e-commerce giant went public six months ago in the biggest IPO ever. (CNBC) Oracle (ORCL) earnings met expectations, while revenue missed. The business software maker also raised its quarterly dividend by 25 percent to 15 cents a share. (CNBC) American Express (AXP) is launching a loyalty program in conjunction with seven companies, including Macy's (M), AT&T (T), Exxon Mobil (XOM), Rite Aid (RAD), and Hulu. (USA Today) Facebook (FB) is adding a new feature to its messaging app to allow friends to send and receive money. Users need to link a Visa (V) or MasterCard (MA) debit card issued by a U.S. bank to their accounts. (Reuters) Health insurer Premera Blue Cross was the target of a major cyberattack, with personal or health data for as many as 11 million people possibly compromised. (NBC News) Senate Republicans, led by Budget Chairman Mike Enzi from Wyoming, areset to unveil their budget proposal today, following the release Tuesday of the House GOP version. (USA Today) New House Budget Chairman Tom Price from Georgia and Jason Furman, chairman of the president's Council of Economic Advisers, join CNBC's "Squawk Box" this morning to see if there's any common budget ground here. Israeli Prime Minister Benjamin Netanyahu scored a come-from-behind victory in Tuesday's election, after abandoning in the final days of the campaign a commitment to negotiate a Palestinian state. (Reuters) Violent protests hit the streets of the German city of Frankfurt today, as anti-austerity protesters rallied against the opening of a new $1.4 billion building for the European Central Bank. (CNBC)

	BY THE NUMBERS

The Fed policy statement is due out at 2 p.m. ET, along with the central bank's economic projects. Fed Chair Janet Yellen is set to hold a news conference at 2:30 p.m. ET. Ahead of the end of the Fed's two-day meeting, there are no government economic numbers, but the Energy Department is out with its Wednesdaylook at oil and gasoline inventories at 10:30 a.m. ET. A tiny pullback in interest rates did nothing to improve mortgage application volume. The total tally fell 3.9 percent for last week, according to the Mortgage Bankers Association. Refinances led the way down, falling 5 percent week-to-week. FedEx (FDX) and General Mills (GIS) lead today's before-the-bell earnings. This afternoon's after-the-bell earnings include Cintas (CTAS), Guess (GES), and Williams-Sonoma (WSM). In annual meeting news today: Hewlett-Packard (HPQ) becomes the largest company to hold an online-only shareholder meeting. Meanwhile, Starbucks(SBUX) meets with shareholders at its annual meeting. Apple (AAPL) replaces AT&T (T) in the Dow Jones industrial average after the close of trading today, with the change effective at the open tomorrow.

	STOCKS TO WATCH

Kraft Foods (KRFT) is voluntarily recalling about 242,000 cases of itsMacaroni & Cheese Dinners because they could contain pieces of metal. More than 6.5 million boxes are included in the recall, the company told CNBC. Microsoft (MSFT) will allow users to upgrade to Windows 10 for free-even if the computers in question are not running genuine copies. It's seen as anattempt to put legitimate versions of Windows on hundreds of millions of computers in China, where piracy is rampant. Adobe Systems (ADBE) earnings and revenue beat estimates. The software maker saw a less-than-expected increase in subscribers to its Adobe Cloud service, but that was 28 percent above a year ago. Citigroup (C) and Barclays (BCS) are expected to pay as much as $800 million combined to settle a lawsuit with investors who say the banks manipulated foreign-exchange rates, according to the Wall Street Journal. The initial public offering of Goldman Sachs BDC (GSBD) has been priced at $20 a share, with trading in the lending company backed by Goldman Sachs Group (GS) to begin this morning on the New York Stock Exchange. Seeking Alpha Today's Markets: In Asia, Japan +0.6% to 19544. Hong Kong +0.9% to 24120. China +2.1% to 3577. India -0.4% to 28622. In Europe, at midday, London +0.6%. Paris -0.4%. Frankfurt -1%. Futures at 6:20: Dow -0.1%. S&P flat. Nasdaq flat. Crude -2.2% to $44.20. Gold -0.1% to $1146.60. Ten-year Treasury Yield -4 bps to 2.06% Today's economic calendar: 7:00 MBA Mortgage Applications 10:30 EIA Petroleum Inventories 2:00 PM FOMC Announcement 2:00 PM FOMC Forecast 2:00 PM Chairman Press Conference Notable earnings before today's open: ATU, EJ, EVLV, FDX, GIS, LEJU Notable earnings after today's close: CLC, CTAS, GES, GOMO, JBL, JUNO, MLHR, RENN, SCVL, SLW, TLYS, WSM

BEST OF SUCCESS!