Kind of a mixed bag ahead of the Fed as the Dow gained just 7 points after being up well over 100. The advance/declines were negative and volume was light. The overall market was weaker than the Dow. Now I'm not exactly sure what the next move is. Todays action leads me to believe that we are now headed lower. I might get some OEX puts tomorrow when we get the usual gyrations during the Fed announcement. Or not. More overbought than oversold here. One of the problems is the high priced option premiums. However if this is the beginning of the next leg down, puts will be profitable regardless. I'll consider this overnight. GE lost 1/8 on light volume. Volume has shrunk here in the first 2 days of the week. Waiting on the Fed perhaps. Gold had a good day, the futures were up $30. The XAU rose 4 1/2 points. ABX up 1/2, GG gained 2 1/4 and NEM was the star of the day up 3 2/3. Volume was good. NEM is breaking out to new highs. Will ABX and GG follow? I did put an order in for some ABX calls today but canceled it before the close. This is something to consider tonight as well. If the overall market drops will the gold shares go down as well? The gold shares are more overbought as well but there could be room to move higher. The dollar didn't do much today. Mentally I'm feeling OK. Waiting on the Fed and so is the market at this point. I have a couple of ideas here but not sure what direction that I'll take. I'll check the charts overnight and decide which direction to take from there.