Waiting on the Fed as the Dow lost 152 points on good volume. The advance/declines were negative. The summation index is moving down. Producer prices came in where expected. The NASDAQ sported a small gain on the day so perhaps there's some hope for the bulls. The S&P 500 is now short term oversold. At least some kind of bounce is due but we'll have to see how the market reacts to whatever the Fed has in store tomorrow. The S&P is once again pretty far from its 50 day moving average and that is a condition that won't last. At any rate tomorrow promises not to be boring. Gold dropped another twenty bucks on the futures as it approaches the $1800 level. The US dollar was higher along with interest rates. Rinse and repeat there. The XAU fell 3 1/8, while GDX shed 3/4. Volume was average. My GDX July calls are now losers and I am seriously considering just bailing out of this idea. A stronger dollar with rising interest rates is not the backdrop for higher gold prices. Still no flight to safety for bonds or gold. In retrospect I should have simply remained on the sidelines. Mentally I'm feeling OK. The VIX dropped with a drop in stock prices and that does not fit. Getting to short term overbought for the VIX. Not sure what to expect from here. We're back down through the zero line on the summation index and we've already seen things fall apart. We're still looking for the 3600 level measuring objective from the head and shoulders top for the S&P. Don't know if we'll get there this time around. Asia was generally down and Europe lower as well. We'll see what the Fed has to say and then what the market says tomorrow.