We had a one day reversal to the downside today as the market opened higher and closed lower. The Dow lost 79 points on average volume. The advance/declines were positive. The summation index continues higher. Waiting on the Fed. The NASDAQ is still the leader to the downside but not with the gusto that we have seen in the previous couple of months. The tone of the market has changed with the recent upswing. The S&P 500 continues to be short term overbought. We'll get the Fed tomorrow and we'll see how the market reacts to that. Then we'll have to get through the employment report on Friday. The trend is up as we have highs above previous highs and an up trend line in place for the S&P. Resistance is at 4100. Gold was up ten bucks on the futures. The US dollar finished little changed and interest rates were slightly higher. The XAU gained 2 1/8, while GDX was up 1/2. Volume was average. At this rate my open order for the GDX November calls won't get filled. Might have to adjust it again. Mentally I'm feeling OK. The VIX was a bit lower today which doesn't fit with a down market. Oversold and staying that way. I don't want to guess when the VIX will turn back up as it can stay oversold for extended amounts of time during rallies. I do think however that each passing day gets us closer to a move higher in the VIX. That means some selling for stocks and more than the little dips we've seen during the recent move higher. For now it's all systems go for more upside but that could change tomorrow. We'll see. Asia and Europe were both up overnight. We'll see what tomorrow brings.