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The market is fairly flat at the open, which is to be expected ahead of today's FOMC meeting. It is almost assured that the Fed will not change rates. I am also fairly certain that the language will offer little change. Nonetheless, traders will scour the language for any little nuance that hints about a more hawkish or dovish stance.

Oil is up slightly this morning ($61.75), while bond yields are lower (4.51%).

Goldman Sachs (GS) trounced the earnings and revenue estimates on the Street. It was an impressive quarter, and while there is some profit taking int the stock as I write, I don't expect it to last long. Estimates for 2007 should begin to be revised higher.

In other news and notes:

• TXN lowers Q4 revenue guidance range
• JMP downgrades WFR based on valuation
• BBY misses EPS estimates; stock lower
• NVEC granted MRAM patent
• Trade Balance below expectations (-$58.9B vs. -$63B)
• Goldman raises estimates on RIO
• EPIX +50% on pact with GSK
• CBS may lose $100M NYC transit contact
• JPM starts HANS with $44 target (Focus List)
• NUE misses EPS estimates; stock gaps lower
• Cowen bullish on RTSX
• TSG gets bought out by private equity group

long GS

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