An interesting Monday as the Dow got clobbered and lost 200 points. Volume was average and the advance/declines were 6 to 1 negative. We are now very oversold here. I would expect a decent bounce in the next couple of days. Summation index still pointing down though. Fed announcement on Wednesday and that will most likely be a market mover. The S&P 500 needs to hold 880 or this will be a big decline. That's my outlook at the moment. Gold was off about $15 and the XAU followed, off 10 1/2. ABX, GG and NEM were all down over $2. Volume was light. The dollar was a bit stronger. I placed an overnight order for some ABX August calls. ABX is oversold and could be at the end of 5 wave down move. We are also just about at an important Gold/XAU ratio number. I could be wrong. A lot depends on the wording of the Fed. That's part of the play here as well. So we'll see. Mentally I'm feeling good after a nice weekend. Plenty of rest and now it's back to the game. Sometimes the market acts strange the Monday after expiration. That could explain today as well. So we'll see where we go from here but a bounce is expected.