Daytrading, Eminis, Forex trading, Swing Trading Market Analysis - 472189

In recent trading, the Nasdaq has moved a little more firmly into positive territory, while the Dow and the S P 500 are posting modest gains. The Dow is currently up 3.20 at 12,131.

08, while the Nasdaq is up 14.92 at 2,359.76 and the S P 500 is up 2.

96 at 1,380.34. NYSE Adv/Dec 1847/1015, Nasdaq Adv/Dec 1611/1020.

The choppy trading comes as while the Federal Reserve is widely expected to keep interest rates unchanged, there is some uncertainty about what it will say in its accompanying statement. The Fed will announce its decision around 2:15 pm ET. Nonetheless, significant strength has emerged in the semiconductor sector, as reflected by the 2.

7 percent gain currently being shown by the Philadelphia Semiconductor Index. The gain by the index comes after it ended the previous session at its worst closing level in over a month. KLA-Tencor ( | | | ) has helped to lead the sector higher, with the semiconductor equipment maker currently up 8.

5 percent. The gain by KLA-Tencor comes after the company reported first quarter revenue growth and forecast better than expected second quarter revenues. Strong gains by some disk drive, computer hardware, and networking stocks are also contributing to the gain currently being shown by the tech-heavy Nasdaq.

Among networking stocks, Avaya ( | | | ) is posting a strong gain after reporting better than expected fourth quarter earnings. While some strength has also emerged in the tobacco sector, significant weakness is visible in the health insurance sector. The Morgan Stanley Healthcare Payor Index is currently down 2 percent after ending Tuesday's trading at an all-time closing high.

Sierra Health Services ( | | | ) is turning in one of the sector's worst performances after the company reported third quarter earnings growth but provided disappointing guidance. Shares of Sierra are currently down 7.6 percent.

Shares of WellPoint ( | | | ) are also seeing some weakness, with the commercial health benefits company currently down 3.3 percent. The loss by WellPoint comes even though the company reported third quarter earnings growth and raised its full year earnings guidance.

Despite the pullback by health insurance stocks, Centene ( | | | ) is seeing some further upside after helping to lead the sector higher on Tuesday. Shares of Centene are currently up 3 percent after Piper Jaffray upgraded its rating on the stock to Outperform from Market Perform. Piper Jaffray said that is see additional upside for Centene even though it ended the previous session up 26.

7 percent, at a three-month closing high. The gain on Tuesday came after the company reported better than expected third quarter adjusted earnings and raised its fourth quarter guidance. On the other hand, shares of Tenneco ( | | | ) have come under pressure after turning in a strong performance on Tuesday.

Tenneco is currently down 3.1 percent after ending the previous session up 8.2 percent, at a two-month closing high.

The loss by Tenneco comes after Citigroup downgraded its rating on the auto parts manufacturer to Hold from Buy. Citigroup said that shares of Tenneco are fully valued, adding that it expects the company's earnings to soften in 2007.