It was a volatile back and forth Fed day as the Dow was up 87 points on good volume. The advance/declines were positive. The summation index continues to move sideways. Back and forth, up and down, todays market had something for everyone. The Fed seemed to come to the rescue during the chairmans speech but then sellers took over in the last half hour to drive things lower. Both the NASDAQ and S&P 500 posted small losses on the session. The short term indicators for the S&P 500 are now a little bit below mid-range. Not sure what to expect next but I'd venture a guess that we'll be lower tomorrow after todays price action. The next main event will be the employment report on Friday. No clear signal here to trade the SPY options so we'll remain on the sidelines here for now. Gold was up $23 on the futures. The US dollar was lower along with interest rates. The XAU and GDX had fractional gains on good volume. They did however finish well off of their highs for the session. I did place an overnight order for the GDX May calls but it wasn't filled and it will take some more selling in the gold shares to get hit. I'll reconsider this idea tonight as todays turnaround in price was not exactly bullish. Mentally I'm feeling OK. The VIX bounced around today and finished lower which doesn't exactly fit with an overall down market. Still short term oversold on many of the daily indicators. Also remaining above the 50 and 200 day moving averages. It appears as though it wants to go higher from here which would be bearish for stocks. We'll see. It was a holiday for most of the overseas markets last night. What was open finished mixed. We'll see what tomorrow brings.