Some good numbers from Adobe (ADBE - commentary - Cramer's Take), Best Buy (BBY - commentary - Cramer's Take) and Lehman Bros. (LEH - commentary - Cramer's Take) and a favorable-looking PPI report have helped produce a strong open, but market players are selling into the strength and taking a defensive posture as we await the Fed announcement this afternoon.
We have positive breadth on the NYSE and about flat on the Nasdaq. Retailers are acting well and chips are attracting some interest. Gold and oil are turning lower as they pull back from recent highs. Once again, a few China-related stocks such as Baidu (BIDU - commentary - Cramer's Take), Las Vegas Sands (LVS - commentary - Cramer's Take) and China Telecom (CHA - commentary - Cramer's Take) are attracting the momentum players.
Look for the action to stay choppy as the daytraders do their thing in front of the Fed.
No positions.
P.S. Will you be there when Cramer makes his next move?
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James "Rev Shark" De Porre is the founder and CEO of Shark Asset Management, an SEC-registered investment advisory firm. He also operates sharkinvesting.com, an interactive online community that serves and educates active investors. De Porre holds business and law degrees from the University of Michigan, is a member of the Michigan Bar Association and a former tax attorney and CPA. He lives in Anna Maria Island, Fla., with his wife and two children.Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Rev Shark appreciates your feedback; click here to send him an email.
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