OPENING SHOT

Markets are trading modestly higher with strength in the metals, ags and oils and weakness in the financials, retail, airlines and gaming sectors.

Key stocks- 19/40 higher led by MON V PG GOOG MA NVDA AAPL and XOM while C KLAC GS WYNN MS UA AMZN are weak.

NYSE- 685 net winners;

NAZ- 390 net winners;

NDX- 50 GREEN;

OEX- 55 GREEN;

IBD -75 GREEN;

VIX- flat;

Up volume 1.5X Down;

TRIN- 1.23;

CRUDE- 116;

GOLD -874;

10 year Note- 3.8%;

Trading ahead of the fed news the financials are pretty pretty heavy with BAC C JPM MTB USB WB BEN BSC GS JEF LEH LM MER MS TROW all lower.

Tech land a bit better but nothing great with AAPL GOOG IBM INT green and HHH SMH AMZN BIDU MSFT RIMM YHOO all lower.

The oils rebounding nicely with OIH +1.3%/XLE +1.4%/DIG +2.5%- may be a day to buy the dips in that sector as I suspect folks haven't quite given up on rude crude.

Links:

The Fast Money on the Bubble;

The Quant on markets reactions to the FED;

Dr. Brett on shifting market sectors;

T Boone on $125/$150 oil;