Important Day Today

The market is expected to analyze and digest the outcome of three major issues over the next two days. This afternoon of course the Fed will raise rates and will issue their statement. This will likely be the biggest market mover. Watch for a quick reaction after the report, which is highly likely to get faded. In other words, if the market dumps after the report, buyers are very likely to step in at the opportunity. Likewise, if the market takes off, sellers are very likely to use it as an opportunity to take profits. Ultimately, we are not likely to get much of a trend going today, though the swings could be violent. After the market Bush will give his annual State of the Union address and Google will report. Taken together, these three events are likely to set the tone for the rest of the week and perhaps the next few weeks.