10:45am (EST)

There’s not a lot of green out there as the bulls are taking a breather ahead of the FOMC fireworks.  I was pushed for time this morning which is why I posted right at the opening bell.  I have been busy with a couple of projects which I will talk about tonight.

The Dow is currently down 87 points to 9,250.  Stocks I’m watching today… 

Cisco Systems (CSCO, $21.14, down $0.50) continues to slide and if we get back to $20 or even $18 we will be going long again. 

Ford (F, $7.83, up $0.11) is rebounding today after getting crushed on Monday, falling over 3% and back below $8.  Now you can see why stops are so important.  We were long the December 6 and 7’s call options but were stopped out last week for 100% and 75% gains, respectively.  The trade had run its course but it doesn’t mean we can’t keep watching the stock or options… 

The Financials are taking a hit this morning although Bank of America (BAC, $16.48, down $0.20) was positive to start the session and Visa (V, $69.09, up $0.21) keeps kidding itself on a break above $70.

Rick@MomentumOptionsTrading.com