1:10pm (EST) 

The market is trending higher ahead of today’s important FOMC meeting as Wall Street awaits the announcement on interest rates.  The bulls can thank Standard & Poor’s Ratings Service for today’s slight rally ahead of the news as the agency affirmed its ratings on Greece and ended its review for a possible downgrade of the country’s debt.

The Federal Reserve is unlikely to make any major changes in monetary policy but its statements will be scrutinized carefully for clues.  We are probably going to hear the “exceptionally low”, “extended period of time” rhetoric and the devil will be in the details…but expect some volatility.

The decision on interest rates is due at 2:15pm (EST) and the market will move sharply it looks like. 

Financial Engines (FNGN, $16.55, up $4.55) made its IPO debut today and shares are up nearly 40% in their first session of trading.  The company priced an offering of 10.6 million shares of stock at $12, above the forecasted range of $9 to $11 a share. 

The company provides financial analysis and advisory services to U.S. employers and retirement-plan providers.  IPO’s have been heating up in 2010 as this was the 18th priced this year compared with 63 for all of 2009.

While Wall Street welcomes Financial Engines, it could be saying goodbye to Harley-Davidson (HOG, $28.00, up $1.50).  The stock is up nearly 6% on renewed buyout speculation. There are rumors that a New York City-based private equity firm or possibly an overseas company was interested in acquiring one of America’s most-loved iconic brands.  

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As we head to press, the Dow is enjoying a 20 point gain and is trading at 10,662 while the S&P 500 is up 5 to 1,155.  The Nasdaq is showing a 10 point pop and is at 2,372.

We have updated all of current trades and our Watch List is bursting at the seams with a lot of other great ideas.  We haven’t released a NEW trade just yet because we want to see how the market reacts to today’s big announcement.  We closed one monster trade yesterday as our subscribers made over a 130% return on one Tech name so we have room.  Subscribers, check the Members Area for the current updates…  

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