Good morning traders! I won't rehash what you have probably heard a dozen times by now regarding yesterday's Fed action, except to say it was unexpected...and glorious! You gotta think that the guy who wrote the book, that is "books", on macroeconomics and credit crisis (namely, Chief Ben), knows what he's doing with the rates. No one policy can stave off all the economic dangers lurking out there, but it is probably best to err on the side of stimulus than withdrawal at this point. Smallcaps look ready to take over leadership in any new leg up to test the summer highs...but since yesterday's rally in the broader market stopped right at resistance, we may have a bit of chop chop consolidation to wade through first. Worst case scenario would be a gap up and reversal which would signal to the markets a trend change and likely trigger a multi-day profit-taking spree. Still, we should be heading higher soon enough.
Other stocks to consider: (longs): AKS, AVCT, ESRX, X, NUAN (shorts): none
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