Trading The FOMC Statement (FCX, POT, CF, CAT, DE)

The market has had an impressive rally off the lows of the session, with the Dow off 176 points, after being down 292 points earlier today. The Nasdaq is off 40 points, and the S&P is down 18 points to 1,277, which is a key area from last night's break down in the futures.

Of course all eyes will be on the Federal Reserve today, as the Federal Open Market Committee concludes its one-day rate meeting and is expected to announce no chance in interest rates at 2:15 p.m. today.

While no change to policy is expected, traders will be anxious to see how the Fed handles the situation in Japan, as well as clues to see if another round of quantitative easing is on the table.

We've seen names like Freeport McMoran FCX and Potash POT come well off their lows in anticipation of further easing. If we do get further easing, these names, along with names like CF Industries CF, Caterpillar CAT and Deere & Co. DE should see additional upside pressure, as "risk on" becomes in vogue again.

The statement from the Federal Reserve is expected to be announced sometime around 2:15 p.m. today.