Waiting on the Fed for this post expiration Monday as the Dow gained 197 points on light volume. The advance/declines were positive. The summation index is still moving lower. Short covering is the most likely scenario for todays positive price action. However there is a potential positive divergence on the daily RSI indicator for the S&P 500. That could lead to a longer lasting move higher. But I don't see any huge rally in the works as the market has plenty going against it at the moment. Not the least of which is a restrictive Fed coming out with another rate increase on Wednesday. We are short term oversold on the major stock averages so a bounce here would not be out of the question. The summation index does continue to move down and is approaching the zero line. So the potential to fall apart is upon us as well. Gold was flat on the futures. The US dollar was a bit lower and interest rates a bit higher. The XAU was up 2 2/3, while GDX added 3/8. Volume was about average. The gold shares continue to out perform the metal. This is bullish. I still have my open order for the GDX October calls out there. The short term technicals for GDX are mid-range. My hope is we get some selling after the Fed and the order gets filled. If the gold shares continue higher from here it will just be a missed opportunity. I don't feel like chasing it here but that could change. Things are blown out to the downside for the precious metals complex. But the fundamentals at the moment don't inspire confidence of a sustained move to the upside. Just perhaps an October option cycle trend higher. We'll see. Mentally I'm feeling OK. The VIX was lower today and that fits with stocks gaining ground. This indicator looks like it wants to go lower which would mean more near term gains for stocks. It does remain above both the 50 and 200 day moving averages though. Hard for me to get a read on what the VIX is doing here lately. Not a lot of economic data due out this week. It's all about the Fed. Asia was lower and Europe mixed to begin the trading week. We'll keep an eye on tonights headlines.