The Dow lost 65 points today on average volume. Advance/declines were over 2 to 1 negative. We were down about 100 points more than the close but rallied back in the last 1/2 hour. Waiting on the Fed tomorrow. I'm not sure what to expect there. They are calling for a 1/2 point rate cut but that would take us to a 1/2% fed funds rate. Not much left to go after that. I would not be surprised with a 1/4 cut or no cut at all. But that's just a guess. No trades in the OEX for now but I'm leaning short after the Fed announcement. Gold continued strong today on a weaker dollar. Gold was up $16 and the XAU rose 4 1/3. ABX, GG and NEM were all up over a buck on good volume. I am thinking of getting some GG puts before the Fed tomorrow. However we came down on the gold shares before rallying at the end of the day so they are not as overbought as they were. My thinking is that the dollar will rally once the Fed is out of the way. A sell the news event for the gold shares. But it is more of a hunch than something that has technical merit. GE lost a bit on light volume. I'm still in the January calls camp there. I think just shooting for the Decembers this week is too much of a risk. We are working off the overbought condition very nicely and it is a matter of timing at this point. But again, anything can happen. Mentally I'm kind of in a funk with no clear decisiveness for a trade really. I've been risk averse for the past couple of weeks. I think it has more to do with not wanting to incur a loss before the end of the year. I also missed the gold trade and it would have been a beauty for December. So on it goes. I may try a Fed play but hopefully won't. The needed focus isn't there yet. As usual it's up to me. Tough game.