Fed Game Plan

There will be some short covering ahead of the Fed and after the non-news that the Fed will do nothing, there will be a sell on the announcement.  After the initial selloff, we should get the start of the real move which should be up to 1191.  I see nothing the Fed can say that can make this market go much higher than 1191.  I do see things the Fed can say which would make the market swoon, especially if the extended period language is taken out.   So ahead of the announcement, a short is the best bet.  On the dip that I foresee, I would buy it because if a Spain downgrade doesn't take it down today, I think Bernanke can.