Once again a rally simply appears out of nowhere as the Dow gained 599 points on the now usual heavy volume. The advance/declines were better than 2 to 1 positive. The summation index is still in a channel and still in negative territory. Can we get more than one day with price gains? We'll find out tomorrow. We all know the Fed will raise interest rates and my thinking is that it's already been factored in. Perhaps we'll see some more buying with the positive expiration week bias. The short term technical indicators for the S&P 500 have moved back to mid-range. So it's anybodies guess which way we go tomorrow. The NASDAQ led the way today and that's a plus. We're still in headline risk mode though. No SPY trades in mind right now for the short term. Gold got clobbered again as the futures dropped almost $45. What goes up in a straight line usually comes back the same way. The US dollar was steady and interest rates were slightly higher. The XAU rose 1 1/3, while GDX had a slight gain. Volume was average. Gold has a huge drop and the gold shares don't follow? That's a plus for the gold shares. My GDX March calls somehow have a slight gain with only 3 days left. The inflation data came in where expected and GDX opened with a big gap lower. But my stop loss order wasn't hit and the gold shares made it all the way back. Not sure what happens tomorrow but I will hold on to this trade until we get the Fed announcement and see what happens there. The short term indicators for GDX are now mid-range so it could go either way. Mentally I'm feeling OK. The VIX was lower today and it finally closed below 30. Still above the 50 day moving average and a long way from the 20 level. My next idea is to wait for the S&P to reach the down trend line at 4375 and try the April SPY puts. We'll see. I'd expect some volatility tomorrow with the Fed. Asia was mostly lower and Europe had slight losses. We'll keep an eye on the overnight developments ahead of the Fed.