Should be a light day of trading before the Fed announcment at 2:15 today.  Will be looking at BA today because of the news below:

Boeing: Oil surge may cost jet makers orders – WSJ (74.79 ) : WSJ reports as rising oil prices cause even the strongest airlines to struggle, Airbus and Boeing face the possibility that as many as a third of their orders for new jets could be postponed or canceled. For now, both jet makers say they are sold out for much of the next three years and are continuing with plans to raise production rates to meet demand. But the landscape is shifting as oil prices rattle the underlying economics of the airline industry. Some airlines are already taking steps to defer deliveries or rid themselves of orders. Others are starting to repeat steps they took after the Sept. 11, 2001, terror attacks, such as permanently parking gas guzzlers and selling newer jets to leasing cos for cash before leasing them back on a monthly basis. The combined value of the orders for Airbus and Boeing planes exceeds $500 billion at list prices, so large-scale cancelations and deferrals could easily amount to tens of billions of dollars and affect suppliers of engines and other parts in addition to the jet makers. Officials at Boeing and Airbus, say orders for their jets are spread across a diverse group of carriers world-wide, insulating them from regional economic swings. But they acknowledge that they are in almost daily talks with airlines seeking to cancel or defer deliveries. Although most of these discussions involve U.S. carriers, signs of stress have emerged from India to Europe… Steven Udvar-Hazy, chairman and founder of aircraft-leasing giant International Lease Finance, predicts that 25% to 30% of the two makers’ order books could be subject to what he called the “flake-out factor” if oil prices continue their unprecedented rise.

Will trade with a short bias if I see selling below 72.  Will trade it with a long bias above 72.