The Wrap 12/14/10

{+++}The FOMC statement made for a volatile afternoon as stocks sold off, treasuries sold off, and the dollar rallied. The Dow had been trading up as much as 85 points following the FOMC statement, but sold off as traders digested the news, and closed with a gain of 48 points. Today’s gains in the Dow allowed the index to close at its best level since September 2008. The S&P 500 and Nasdaq each finished with gains of 0.1%.

I was away from the desk all day and I saw that a few stops were hit. Looking through some charts I also see that some of the momo names like VMW, FFIV and RVBD rolled over a bit. You could say the same for LVS and WYNN, the latter looks very vulnerable. The bloom seems to be coming off the rose for names like CMG and NFLX, both of which may become excellent short set ups soon.

I will be back in full swing early in the morning. I hope you guys had a good day.

I have added CELG to the short list, also, please see the P&L for adjusted stop prices as a few were raised.

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