The fact that the market didn't move significantly higher is good news since large gains after FED rate decisions are usually given back in a couple of days. The Dow had the hardest time today. The S&P Mid-cap 400 and S&P Small-cap 600 indicies look much better (you can throw in the Nasdaq as well).
Tomorrow, the Nasdaq might gap down on the open. Both Oracle (ORCL) and Research in Motion (RIMM) were down in after hours trading but sometimes the tone can change the next day. Regardless, I would prefer to see a gap down in the morning followed by recovery.
India's stock market has pulled back quite a bit over the past 6 months. The India Fund (IFN) is nearly 40% off of its high. The Morgan Stanley India Investment Fund (IIF) is 42% off of its high, the Powershares India Portfolio (PIN) is 23% off its high, the Wisdom Tree India Earnings Fund (EPI) is 25% off of its high, and finally the iPath MSCI India Index ETN (INP) is 52% off of its high. There is always the potential for more downside. One of the problems hurting India right now is that their central bank is raising rates to fight off inflation. These are worth keeping a close eye on.
Arthur Daret