Fed Day

We have sold off hard over the past week coming into the FOMC meeting.  It is now a more two sided market, and every bounce has been sold lately.  Today could be a fulcrum day.  A change of short term trend for at least a couple of days.  The market is very close to strong support levels around 1080-1085, and it will take a lot of initiative selling to get through that.  I don't think we'll do it this go around.  It will be quiet ahead of the FOMC meeting.  But I do think there will be an initial selloff on the FOMC announcement as Obama jitters overcome the market ahead of the State of the Union address.  That should be the time to buy.