The selling continued today but nothing drastic as the Dow fell 152 points on light volume. The advance/declines were negative. The summation index is beginning to trend lower. The selling was pretty even across the board. Waiting to hear what the Fed chairman has to say tomorrow. The short term indicators for the S&P 500 are now mid-range and moving lower. That said, we are receiving a short term buy signal from one of our indicators. So I would not be surprised if we see some kind of bounce tomorrow regardless of the Fed. Gold was off five bucks on the futures. The US dollar was higher along with interest rates. The XAU was up 4 3/4 and GDX rose 7/8. Volume was lighter than average. The gold shares went back to outperforming the metal itself which is what has been the case for most of this month. The gold shares are just breaking out to the upside from their two week consolidation. GDX remains short term overbought as it has been since early this month. Volume has been light though. Mentally I'm feeling OK. The VIX was higher today and I did not expect that. Still closed below the 50 day moving average but the short term indicators are now moving up. It now looks like anything could happen with this indicator tomorrow. I'm hoping that stocks hold up here as I do believe that getting the SPY September puts will be a good idea at some point in this option cycle. But if we drop tomorrow it may be that it's too late. Ideally we'd see a bounce higher tomorrow so traders get complacent over the weekend. That would maybe set us up for a put purchase sometime next week. We'll see. Europe and Asia were mixed overnight. We'll see where things go tomorrow.