It is very common for the stock market to get a little crazy following an FOMC decision on interest rates. Even though no one expected a change in rates and there was no change in rates the market still produced some late-day volatility. These moves tend to reverse and I don't put a lot of faith in the bounce but stocks were short-term oversold and due for a bounce anyway.
If you're market bias is bullish then you'll want to buy this bounce and use a tight stop under today's low. If you're market bias is bearish then wait for this bounce to run out of steam tomorrow or Friday and then look for new bearish positions. Keep in mind that President Obama addresses the nation with his first State of the Union speech tonight. There is no telling how the market will choose to interpret his comments tomorrow so don't be surprised to see more volatility on Thursday.
I'm listing a few stocks on my watch list:
WDC - the longer-term bullish trend is in jeopardy but short-term the stock is trying to bounce from round-number support at $40.00. Look for resistance near $44.00.
CAH - Shares are breaking down from a multi-week trading range. This might be a bearish entry point.
UNF - This stock doesn't have a lot of volume, which makes me very cautious. UNF is bouncing from round-number support at $50.00. The larger trend is very bullish. It's a possible bullish candidate.
TGI - This stock is very short-term oversold and bouncing from support. It could be an aggressive bullish trade with a stop under $50.00.
TGT - This retail stock has rallied to new 52-week highs in spite of the recent consumer confidence numbers. It could be a bullish entry point. I'm watching for another bounce from $50.00.