MORNING MUSINGS

Markets have slowed a bit ahead of the FOMC announcement at 2.15- SPX +13, NAZ +38 and DJIA +72.

Strongest sectors- metals, trannies, homies, tech and semis while drugs, retail and telecom lag.

NYSE- 1900 net winners;

NAZ- 1300 net winners;

SPX - 455 GREEN;

NDX- 95 GREEN;

VIX down 5% at 29;

TRIN- .68 with up volume about 9x the down;

Gold +11, Crude +23 cents and Nat gas down 3% at 3.78;

Market having a very tough time getting past R3 on the ES at 905 area- My plan for the day - dipping into UNG/DIG/XLE for a swing trade as they are over sold and looking to off load some other longs which are up a bit too much today.