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Play Editor's Note: The market's first move after a federal reserve interest rate decision is rarely the real move. This event almost always produces a head fake or two (or three). While stocks look like they want to continue lower tomorrow I believe the intermediate trend is still up. Thus, I'd be looking for stocks to buy the dip over the next day or two. A significantly negative jobs report on Friday could really push equities lower then again it might raise the odds of another rate cut. Who knows? My challenge tonight is that there wasn't much that really caught my eye. As much as I wanted to find stocks to buy the dip in there just wasn't anything compelling tonight. That may change tomorrow.

Here are a few that did make it to my watch list and could offer potential plays:

SHLD, I came very close to adding this one as a new put play. The bounce has rolled over under its short-term trendline of resistance. If you buy puts I would aim for $92.00 or $90.00.

AAPL, This stock looks like it may have produced a short-term top with today's failed rally at $180. Shares are very overbought and due for a correction. I'd expect a pull back to $165 maybe $160. At $160 I'd be tempted to buy calls.

GLD, If the U.S. dollar has turned the corner then the sell-off in gold isn't over yet. However, on a purely technical basis, seeing the GLD bounce from support near $85.00 after a big move lower looks like a short-term bullish entry point. I almost added this one but the GLD has a lot of overhead resistance. The $90 level might be a good short-term target.

OTEX, This stock is breaking out to new all-time highs. A dip near $36.00, prior resistance, might be a bullish entry point.


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