Some volatility today before the Fed but the Dow managed a gain of 203 points on light volume. The advance/declines were positive. The summation index is still moving up. It was a mixed market to be sure with both the NASDAQ and S&P 500 posting losses. The NASDAQ dropped 1 1/4%. The S&P 500 is trying to hold on to its 50 day moving average. It remains short term oversold. Tomorrows price action will probably tell us a lot about where we are going from here. The short term down trend line remains in effect for the S&P. Gold was up $26 on the futures. The US dollar finished flat and interest rates were lower. The XAU and GDX had fractional gains on light volume. The short term indicators for GDX are trying to turn back up. I did place an order overnight for the GDX August calls but it wasn't filled. I'm leaving it out there for now. Mentally I'm feeling OK. The VIX was back up today which does fit with the overall market. Remaining short term overbought on the indicators here. Still below the 20 level on the VIX. Not expecting any surprises from the Fed tomorrow but you never know. We'll see if the gold shares drop and perhaps my order for the calls there will be filled. Or I may abandon that idea depending on the price action during the session. Asia was generally lower and Europe higher in last nights trade. We'll see what tomorrow brings.