Quite a session today on Wall street as the Fed went with a half point cut in rates. This was met with euphoria as the market rallied to a new high. However it then turned into a fight between the bulls and the bears for the final two hours. The Dow finished lower by 103 points on light volume. Looks like it was a sell the news event. The advance/declines were slightly negative. The summation index is moving higher. Most of the major averages also had reversals to finish lower on the day. We did receive a signal from the McClellan oscillator last night for a big move in the next two sessions. Not sure if today qualifies but it might. We'll see how things go tomorrow. The NASDAQ led the way down but it wasn't big drop. I did place an order for the SPY September puts overnight. It did get filled on the run up in prices after the Fed announcement. It is somehow showing a small profit but with only two days left in the September option cycle holding on longer than tomorrow would be extremely risky. In fact it could turn into a loser overnight as the volatility in both directions was pretty quick today. The S&P 500 remains short term overbought but the indicators appear to be rolling over. Gold had a dramatic one day downside reversal after being up big after the Fed announcement The precious metal futures finished lower by $15. The US dollar was up slightly while interest rates closed higher despite a cut in rates from the Fed. The gold shares had incredible turnarounds as well after being higher during the day. The XAU lost 1 7/8 and GDX shed 3/8. Volume was very heavy on the sell off. The short term indicators are now moving down for GDX and the daily candlestick chart looks bearish. Mentally I'm feeling tired as the short term trading is a drain on the brain. The VIX was up today which fits a volatile session. The short term indicators are moving higher but not at a steep rate. I'm still not sure what the VIX has in store for us next. I'm in the next trade with two days to go so I'll have my work cut out for me to try and have a profitable outcome. We were overdue for some selling but there's always the chance that today was it and we move higher from here. I'll have to keep an extra eye on the S&P futures overnight. Asia up and Europe down in last nights trade. We'll see what tomorrow brings.