Pre-market update:

• Asian markets traded 0.3% higher. 
• European markets are trading 0.4% higher. 
• US futures are trading flat. 
  

Economic reports due out (all times are eastern): MBA Purchase Applications (7), Housing Starts (8:30), EIA Petroleum Status Report (10:30), FOMC Meeting Announcement (2), FOMC Forecasts (2), Bernanke Press Conference (2)

Technical Outlook (SPX):

• Yesterday was a solid recovery for the markets after giving up most of the gains the day before. 
• Now the all-time highs are in play today and should offer some resistance. 
• FOMC Statement comes out today as well as a press conference with Benny – expect much volatility at 2pm onward. 
• With the FOMC Statement, there are typically three significant moves that follow. The first two moves are false moves. 
• Last FOMC Statement saw some of the biggest moves in recent history. 
• With possible Fed tapering to be at the forefront, expect a lot of interest to surround this statement. 
• Today’s FOMC could be a catapult for the bears to start a double top – pure speculation at this point. 
• Watch the 10-day moving average going forward as a nice trend-line for determining rising support in this market. 
• Volume over the last week looks like it wants to mirror the low volume output from August. 
• I am continuing to trade to the long side, and for the foreseeable future. 
• Syria is becoming less of a threat for for the markets, particularly now that is seems improbable the United States with stage an attack on the country. 
• SPX back firmly in overbought status short-term. 
• Markets don’t care about the economy nor earnings. That is not what is driving them. The markets only care about what the Fed is doing to keep equities propped up. 

My Opinions & Trades:

• Sold SPWR yesterday for a 1.3% gain. 
• Added BIDU at $143.15. 
• Currently 60% long / 40% cash.  
• Current Longs: SLB at 82.34, JCI at 41.66, OSK at 46.91, EXXI at 27.54, FTNT at 20.63
  
• I’ll be careful to add any new positions ahead of the FOMC Meeting today. 
• Join me each day for all my real-time trades and alerts in the SharePlanner Splash Zone

Chart for SPX: