The day that will be..

Is in the hands of the FOMC and what their statement is when it is released at 2:15 today. So far it is a fairly quiet morning in pre-market activity. The Asian markets closed up a bit following our rally yesterday.

Apple (AAPL) is trading up a little bit pre market on light volume so far. The hype surrounding the iPhone is priced in to the stock at these levels I feel. Once the iPhone is released if there are any problems at all that make it to the press (dropped calls, phone locks up, problems with the battery life, etc) then some of this hype that is now built into the stock price will dwindle away. How do I feel about the iPhone? I'm not going to stand in line for one. I'm more than happy with my iPod and my Verizon Wireless phone. But I will say the iPhone is really cool! :)

So we wait for the FOMC statement. Just before 2:15 be sure to set paperweights on top of your desk to keep everything in place in case there is a windstorm reaction to anything they say. Usually when the FOMC issues their statements there is an initial reaction gust that lasts for about 10 to 20 minutes before settling down. Sometimes these initial gusts can be hurricane force and other times they are a mere sneeze. But with our turbulent market over the past couple weeks I predict strong winds around 2:15 today. Which way will they blow, now that I can't predict. Only Ben Bernanke, FOMC Chairman, can answer that.