NewsWare’s Trade Talk: Wednesday, January 26

S&P Futures are showing solid gains this morning ahead of the bell. MSFT delivered a strong eps report and the stock's initial weakness has turned, MSFT is now higher by 5%. The key economic event today will occur at 2:00 p.m. ET when the Fed makes its announcement on monetary policy. Expectations are for the Fed to indicate a 1/4 point increase in interest rates is likely to occur in its next meeting. The next FOMC meeting is in March. A key market-moving item from today's announcement will likely be any comments related to the shrinking of the central banks $8.87 trillion balance sheet.