Fighting for control

The markets are shifting between gains and losses this morning after Italy's credit rating was downgraded overnight. In the coming days Ben Bernanke will be the story as the Fed meets on policy decision and we see if more QE is in the cards. Jazz Pharmaceuticals (JAZZ) is on the rise this morning after announcing a take-over of Azur Pharma. Autozone (AZO) beat estimates but is selling off this morning as investors were expecting more. I'm holding on to my Autozone (AZO) calls regardless. Hansen Natural (HANS) continues to breakout and reaches another new all-time high of $93.47. Apple (AAPL) is also continuing it's winning ways, rising by more than a percent to $417. I'm not doing much except taking some profits on my winners like Apple (AAPL) and anthenaHealth (ATHN) before the Fed meeting since I have no idea what to expect. Gold is rising in anticipation that we'll get more stimulus and the "print-happy" central bank will show no sign of abating. In my opinion QE3, or "Operation Twist", or whatever you want to call it isn't necessarily coming, and many traders believe this market has already priced it in. Disappointment could mean a big sell-off.

This is not a recommendation to buy or sell any securities. DAK was long AZO, AAPL, HANS, and ATHN at time of publication but positions can change at anytime.