The S&Ps opened up touch, and after a brief blip to the downside, we rallied back and up to a new high for the day.

After topping out around noon with a gain of over half a percent, we proceeded to chop sideways for the remainder of the day to go out just off the earlier highs with a gain of over half a percent.

The dollar was firmer once again, with the DXY adding a third of a percent. The euro/usd notably dumped half a percent to a new closing 52 week low. BTC rose a percent.\

Yields edged a little higher by a couple bps.

Commodities were mixed. Crude slipped a percent. Copper popped a couple percent, while platinum slumped to another new low for the year but then recovered to end up a hair.

Gold slipped back below $4000 overnight, but then recovered the round number shortly before the US open and then eventually took out yesterday's high and popped to high as $4066. After backing off a little, the metal proceeded to chop sideways near the highs to go out near the highs of the day at $4060 with a gain of over a percent.

Silver traded similarly and slipped to a new low for the year overnight before then recovering during the US session to push up slightly above yesterday's highs. Like gold, silver would then shop sideways near the highs to go out near the best levels of the day with a gain of over a percent.

The GDX opened near yesterday's highs and surged to just above the 5 dma, where we would chop sideways for the rest of the day to go out near the highs of the day with a gain of over 2.6 percent. That close also put the GDX back above the 5 dma for the first time in 6 sessions, but given how noisy this indicator has been of late, it remains to be seen if this is just another one-day head fake.

Gold also closed above the 5 dma, and silver came close to doing so. With that said, my model moved back to neutral today, and lately the trend has been for my model to move to a Tier 3 BUY as the metals and miners bounce, and then the bounce fails after my model moves to neutral. That has been the trend all month. Perhaps this time is different, but it's a little concerning to see the same action play out again with very little upside being seen off my model's buy signal.

I still worry we could see some more selling into month-end post-FOMC if for no other reason than the bears have been winning and winners tend to press positions into month-end, but hopefully I'm wrong.

Other than perhaps some body language from Warsh tomorrow about December, tomorrow's FOMC should be a nonevent. Thus, whatever happens post-FOMC may turn out to more of an excuse than anything else.

My gold model moved back to neutral.

Positions: Short SPY, QQQ, MDY, and IWM.

Metals: I punted GDXU, AGQ, and SHNY given that the metals and miners all attacked the 5 dma like I was looking for and gave me a chance to exit at better prices. I also bought the SLV 47 puts for Friday for 19 cents just in case my fears about the post-FOMC action prove correct.