Hey Hobstas! 

Feeling a bit frisky the bears are, they are grabbing a piece of the tape and loving it!! Holla!  Now I can be both bull or bear as the conditions permit, but when you are an options trader as I mainly am, you like the bear moves and here's why......one you make $$$ on direction, two you have the I.V. or implied volatility go up which pumps up your options, for instance like a cool balloon that you buy and the more air you put in the better it looks, but the trick is to sell them before they pop!  (or the I.V drops)  I hope that helps for those that are new to understand why it's fun to go down (ooops) in the tape for an options trader.

Now on to the markets...New Home Sales up @ 10am EST and  Ben B and company are up @ 2:15pm . The new home sales should be quite interesting as the tax credit is has expired. The consensus is for 400K so we shall see how that plays out. As For "the bearded one" I  expect no change to the interest rates and the language most likely will be boringly the same.  Yada Yada Yada.  I expect mostly chop until the announcement 

We broke an important level in the SPX yesterday and that was the 200 Day moving average, now is the selling over I think not quite yet. I am thinking that 1080 or 1085 is definitely possible. I am light and covered most of shorts yesterday to see how today sets up.

Gold has had some retracement and right now seems to have stabalized as well as Sliver. I still am quite bullish in the near term (end of the year) So I will watch to day to see how it behaves and if it wants to break out and resume it's march upward or needs to retrace a bit more.

Everything remains pretty much the same Count as I feel that sub wave B has a bit more to go. 

So for now a short post, but want to say I am thrilled to see more folks posting and being active on the site. Katzo and I are back together (everything comes full circle) and I couldn't be happier about it! :-D

Trade carefully and Peace love to all 

Anna