The pre-FOMC action is following the common script from recent months. There was a modest gap up today with continued strength after the open. From the historical stats I've seen on this, the odds are pretty good that the close today will be above the open. Many times over the last couple years, these FOMC days have led to very strong gains with the close near the day's high. However, as I mentioned a couple times recently, these positive reactions have tended to give back all the gains over the next several days. So any further strength today may provide an ideal opportunity for a new bearish blog trade.
Be sure to check back in the last hour of the trading day for a potential new trade.
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