More Fedspeak but less market reaction as the Dow fell 58 points on light volume. The advance/declines were slightly positive. The summation index is moving lower. The overall market was stronger than the Dow with the NASDAQ leading the way. We didn't see any downside follow through from yesterdays debacle in the overall market and that's a plus. But we still have to at least get through Fridays jobs report. Whether or not we sell off here in a meaningful way will be determined on Friday is my guess. We'll simply wait and see. Gold was off a buck or so on the futures. The US dollar was lower and interest rates held steady. The XAU and GDX had fractional losses on average volume. One of the GDX hourly charts that I use along with the daily chart of GDX are both showing a potential positive divergence on the RSI indicator. That is the only reason that I'm still holding on to the losing GDX March call trade. Now GDX could move lower and negate that signal. Or we'll see the gold shares move higher in the near term and perhaps I can cut the loss for this trade to not be a complete wipe out. We'll know by Friday morning one way or the other. The trade is already dead in my mind so a couple of more days won't affect things that much. Mentally I'm feeling OK. The VIX was lower today and remains short term oversold. My thinking is tha tomorrow will be a waiting game for stocks with most likely a downside bias. We'll see. Europe and Asia finished mixed. We'll keep an eye on tonights headlines.