Top of the morning!

First on the list, Dendreon (DNDN) blew up this morning; the FDA issued an "Approvable" letter, essentially demanding more information on the company's drug Provenge. The stock was instantly cut by more than 50%, now trading around $8 in premarket. Those who bought into the meteroric rise of this issue after the advisory panel are going to be hurt severely this morning, while shorts are cheering - they live to fight another day.

Futures are down moderately; everyone is pretty much waiting for the Fed, with the FOMC meeting starting today. Nobody really expects a change in the Fed's stance - it would be a true shocker if there was any net-net change in posture, although the statement may give clues to what they think is coming next. I personally expect them to remain hawkish on inflation.

Countrywide (CFC) is fading back premarket after their stupidity-driven run on takeover "chatter" - as pointed out last night, this is a non-starter.

I will be watching the indices and my indicators closely today for clues. The wedge, as noted before, is basically out of room - and the break one way or the other is likely to come any day now - in fact, it could easily come today.

Updated if and when warranted!