I have no doubt that you've heard it a dozen times but I'm going to say it again. Tomorrow afternoon the Federal Reserve concludes their two-day meeting. No one expects any changes to interest rates through the Fed funds rate. Instead all the focus will be on the Fed decision to announce a new round of quantitative easing.
The size of this QE program could determine market direction for several days. If the program is too small then stocks will drop sharply. If the program is large then it's a coin toss whether stocks see a temporary spike higher or sell off any way. However a large QE program is what the market wants so if we see any profit taking investors will likely step in after a few days of consolidation.
With such a monumental decision in front of us I don't want to launch any new plays tonight. In the past we've seen some extreme volatility following a Fed announcement and sometimes the first market move following a Fed meeting is actually a trap. If you want to play in this market I think the VIX trade in our current play section is a good avenue for that.