The volatility in the market requires a balanced approach. That's why we've been looking for both bullish and bearish plays in this tape. We're sticking with this mix today.

Moody's (MCO) - Head and Shoulders Bottom

MCO has been mired in the credit mess. The stock has taken a big hit, but has stabilized over the last four months.

MCO traced a head and shoulders bottom over the last six weeks, breaking the neckline a few days ago.

Look for MCO to hold above the neckline at $38 and to bounce higher. Target near $42 to $44 in the short-term.

Garmin (GRMN) - Bearish Pennant

GRMN can't catch a break. Increasing competition is putting pressure on the former high-flyer. Look for the next leg lower in the NASDAQ to cause GRMN to break down from its bearish pennant.

We've got five price patterns for you to ponder today while the Fed ponders what to do with interest rates. We'll find out tomorrow if they decided to cut by 25 or 50 basis points.

Today is the beginning of the Fed's two-day, regularly scheduled meeting. Bernanke and friends will announce their decision on rates tomorrow afternoon at 2:15 PM EST. A 25 basis point cut is all but a foregone conclusion; additionally, there's a good chance the Fed will cut by 50 basis points.

It's a strange Fed meeting seeing that they staged an emergency cut just one week ago. So enough with the Fed talk for now, let's take a look at five price patterns worth following.

AKSteel Holding (AKS) - Bullish Flag

Steel stocks look like a steal right now. They've weathered the recent market storm remarkably well. Look to AKS to lead another leg higher in this group if the broader market stabilizes or turns higher. We think the steel stocks represent one of the best bullish ideas right now. Look to AKS and others in the group to surge higher IF the broader market rallies.

DB Commodities Tracking Index Fund (DBC) - Bullish Flag

Turn to exchange traded funds (ETFs) if you're nervous about the current volatile climate. ETFs provide you with instant diversification and, consequently, less risk than individual stocks.

One ETF that we've been watching for a long time is the DBC. It's a fund that's benefiting from the boom in commodities. The DBC recently broke out from a short-term bullish flag and it's trading right at all-time highs!

Cubist Pharmaceuticals (CBST) - Bearish Wedge

The breakdown in CBST looks nasty. The bearish wedge took about six months to form, which means the stock most likely has further to fall over the next few months. It's oversold in the short-term, so look for a better entry point on a retest of previous support near $19.50 to offer a better risk/reward entry.

Lincare Holdings (LNCR) - Bearish Wedge

LNCR just broke down from a bearish wedge yesterday. Look for previous support at $33 to serve as resistance going forward. A short-term bearish price objective might be targeted at $29.

KKR Financial (KFN) - Bearish Pennant

The private equity business went from boom to bust in a hurry as the credit markets seized up. The bust has been reflected in KFN, which traded down to single digits back in August. But since its sharp rebound from these lows, KFN hasn't been able to mount much of a bounce. It's been stuck in a tight range, tracing a bearish pennant. If today's rally stalls in the coming days, look for KFN to rollover from downward sloping resistance and possibly breakdown from the bearish pennant.