Is QE3 On The Horizon? (POT, FCX)

The market activity today has been interesting to say the least. The aggression that some traders are using to buy the dip in material stocks is rather remarkable. In particular, Potash POT and Freeport-McMoran FCX have moved off of their lows into positive territory, a move of more than 4%.

The Fed will release its FOMC statement this afternoon, and it seems possible that Wall Street is looking for some very accommodative language in light of the situation in Japan.