Although they spent most of the day in the positive, markets ended flat after a little volatility following the feds comments. As expected the fed left rates unchanged today continuing the wait and see approach. First Quarter GDP was revised lower to an annual 0.7% -the slowest pace in four years.

The NYSE had volume of 2.9 billion shares with 1,880 shares advancing while 1,377 declined for a gain of 16.86 points to close at 9,865.77. On the NASDAQ, 1.9 billion shares traded, 1,536 advanced and 1,453 declined for a gain of 3.02 to 2,608.37.

Meridian Gold (NYSE: MDG) rose $3.15 (13%) to $27.55 and Yamana Gold (NYSE: AUY) fell $1.01 (-8%) to $11.13 after a merger proposal. Red Hat (NYSE: RHT) fell $1.82 (-8%) to $22.37 on high expenses. CKE Restaurants (NYSE: CKR) fell $1.20 (-6%) to $20.25 after earnings. Netflix (NASDAQ: NFLX) fell $0.93 (-4%) to $19.85 as prices fell on its popular rental plan.

General Motors Corp. (NYSE: GM) saw heavy volume on the September 30 calls (GMIF) with over 36,000 options trading and the January 30 calls (WGMAF) moved 27,000 options trading. Apple Computer (NASDAQ: AAPL) saw heavy volume on the July 125 calls (APVGE) with over 24,000 options trading. JetBlue Airways (NASDAQ: JBLU) moved some volume on the September 12.50 puts (JGQUV) with over 52,000 options trading. Kaufman and Broad Home Corp. (NYSE: KBH) saw heavy volume on the July 50 puts (KBHSJ) with over 34,000 contracts traded. Starbucks (NASDAQ: SBUX) saw caffeinated volume on the July 32.50 puts (SQXSZ) with over 30,000 options trading. In options there were 3.9 million puts and 4.5 million calls traded for a daily put/call open interest ratio of 0.86.

Kevin Kersten is an Options Analyst with InvestorsObserver.com. Do you have any deadwood in your portfolio? Check out the 18 Warning Signs That Tell You To Dump A Stock.

Disclosure note: Mr. Kersten owns and or controls a diversified portfolio of long and short positions that may include holdings in companies he writes about.