The Fed came and went but there weren't any fireworks as the market traded sideways for much of the day. The Dow rose a dozen points on heavy volume. The advance/declines were negative. The summation index is beginning to trend flat. The NASDAQ posted a slight gain and the S&P 500 ended the day basically unchanged. We got a signal last night from the McClellan oscillator for a big move within the next two sessions. We'll see if that pans out tomorrow. The S&P 500 touched 7000 for the first time but did not close there. Some of its short term indicators have reached overbought territory. The short term sell signal on one of our indicators remains in place. We've got some tech earnings coming in after the bell and that may get things going one way or the other. On the sidelines regarding the SPY options for now. Gold blasted off $290 higher on the futures today. The US dollar was a bit higher along with interest rates. The gold shares were up but they didn't have as big an advance as gold itself. The XAU was higher by 10 1/2, while GDX added 2 7/8. Volume remains good to the upside. I thought that my open order for the GDX February puts would get hit today but it wasn't. I'm leaving it out there at the price I'm willing to risk on this idea. Maybe it will get filled tomorrow or maybe I'll cancel it. Gold is moving straight up and that cannot last forever. Overdue for a pullback or at least some kind of rest for the precious metals but buyers show up on any dip for now. Mentally I'm feeling OK. The VIX was unchanged on the session but down from its best levels. The short term indicators here are tracking sideways. The daily chart now looks like it wants to go lower from here which would be a positive for stocks. However with the sideways indicator readings for the VIX things really could go either way here. I'm certainly not sure and that's another reason why we are waiting on the next SPY option trade. Asia up and Europe down overnight. I'll keep an eye on tonights headlines.