The market managed to make some small gains today; it dipped on the Fed announcement but then recovered. The Fed left rates unchanged and I think this was the heart of the announcement.

"Economic growth was moderate during the first half of the year. Financial markets have been volatile in recent weeks, credit conditions have become tighter for some households and businesses, and the housing correction is ongoing. Nevertheless, the economy seems likely to continue to expand at a moderate pace over coming quarters, supported by solid growth in employment and incomes and a robust global economy."

While Cramer thinks the Fed out of touch... I think their analysis is accurate.

The NYSE had volume of 4.3 billion shares with 1,882 shares advancing while 1,409
declined for a gain of 52.3 points to close at 9,606.07. On the NASDAQ, 2.8 billion shares traded, 1,754 advanced and 1,327 declined for a gain of 14.27 to 2,561.6.

Chipotle Mexican Grill (NYSE: CMG) rose $9.10 (9%) to $108.50. Lennar Corporation (NYSE: LEN) rose $2.13 (7%) to $34.49. International Flavors & Fragrances (NYSE: IFF) fell $3.23 (-6%) to $47.45 as net sales rose 8%. Circuit City Stores (NYSE: CC) fell $0.62 (-6%) to $10.57. MasterCard Incorporated (NYSE: MA) rose $6.65 (5%) to $144.27.

The most active and interesting option today include the following. QualComm (NASDAQ: QCOM) had heavy volume on the September 45 calls (AAOII) with over 63,000 options trading; the company was in the news on a patent case. Cisco Systems (NASDAQ: CSCO) moved volume on the August 30 calls (CYQHF) with over 62,000 options trading ahead of 0.36 cent per share earnings. CBOE S&P 500 Volatility Index (NASDAQ: $VIX) saw heavy volume on the September 25 calls (VIXIE) with over 39,000 options trading. In options there were 7 million puts and 7.4 million calls traded for a put/call open interest ratio of 0.95.
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Kevin Kersten is an Options Analyst with InvestorsObserver.com. 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.