So the FED has something to say today.
What to do? Wait? Another trader mentioned that 16 of the last 20 yrs, the market has fallen from mid-sept into october. He mentioned S&P in getting past 1490 could lead to a run past 1550 before october.
My (amateurish) view is be selective.
short/puts: BIDU & CMED (both had 10% gains ystrdy)
-wish i bot puts...but i worked last nite. so slept
wait on buys for solid companies:
-AAPL: just announced UK telcom. wait this out
-SNCR: somewhat overbought. AAPL deal wonn't kick in yet
-RIMM: earnings Oct 4. so stay tight til then
-VMW: if breaks below 13 EMA. then maybe buy in stages
-their earnings were awesome. already priced in
my "long" shorts/puts
-PALM: killing a dead horse. reminds me of Sun (JAVA)
-DELL: broke below it's 50 EMA.
-(MOT): can it go any lower? NOK/AAPL/RIMM rule
i'm totally waiting for another tank a la May 2006.