Fed Day

Good morning and welcome to Fed day. Premarket futures have a positive bias headed into what is the most closely watched Fed meeting in modern history. Mixed overseas markets, a lower than expected PPI, better than expected earnings from Lehman, Best Buy, and Adobe Systems, and soaring home foreclosures top this morning's headlines.

Premarket gainers: FCPO, MLNM, FREE, ADBE, RADS, OIIM, FRPT, RRST, UTSI, CVLT, SCON, ONNN, LEH, FRPT, GOLD, BOBJ, BCSI, BBY, ACGY, BIDU, APOL, MICC, AAUK, ASTI, SHPGY, OIIM, SIGM, HOKU, VPHM, CRNT, RIMM, EBAY, NVDA, and JAVA.

Premarket losers: MEND, ETFC, LNOP, LEND, BRLC, MPEL, ADBL, SIRF, ANAD, OMCL, and AMGN.

If my read is correct, the vast majority think we'll see a 25 basis point cut at 2:15 PM along with promises that the Fed will continue to act to help the economy if needed. As you know, I think they'll express some "inflation concern" just to keep things a little balanced. Even though we'll likely spend the rest of the week debating the Fed's actions, it will be nice to have this day behind us and all of the noise and hype that surrounds it.