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:
ATK - wait for shares to bounce and roll over as a new bearish entry point.
MCK - shares are breaking support. Look for a bearish entry point.
NILE - My bias is bearish but NILE is very short-term oversold and has found support at the 200-dma. This could be a good spot to buy calls for a short-term trade with a tight stop only to switch directions when the bounce begins to fade and buy puts.
RIMM - right now my bias is bearish but the stock is bouncing from support near $60.00. I'm watching for a breakdown under $60.00.
BRK.B - These are the Class B shares of Berkshire Hathaway that are being added to the S&P 500. The 50-to-1 split that just occurred has brought the price down to $71. I am really tempted to launch long-term positions in this stock. The $65-66 zone appears to be support.