Hanging around on a Monday as the Dow added 146 points on light volume. The advance/declines were better than 2 to 1 positive. The summation index is still tracking sideways. Waiting on the Fed and that won't happen until Wednesday. Perhaps earnings can get things going tomorrow. Both the NASDAQ and the S&P 500 were slightly higher today. The short term indicators for the S&P are still moving up. However it remains just below its 50 day moving average and the short term down trend line that is in place. A bump above those levels on good volume would be a positive. Remaining patient with regards to the SPY options for now. Gold was off a buck on the futures. The US dollar was lower and interest rates were slightly down. The XAU was up 1 1/8, while GDX added almost 1/4. Volume was light. The short term indicators for GDX are moving up. I still like the idea of the GDX calls but will wait for some kind of pullback before attempting this idea again. So we watch and wait for now. Mentally I'm feeling OK. The VIX was lower today and that fits with an up market. Short term oversold now on the VIX. End of the month tomorrow so that might influence the market action just a bit. But we are really just waiting for the Fed press conference and the market reaction as to what is said. Asia higher and Europe lower to begin the week. We'll keep an eye out for any overnight developments.