Gold

There are many experts out there today explaining that the reason gold took a hit today is because they have read some special meaning into Janet Yellen's post-FOMC press conference last week. That's pure hogwash.

Sometimes the clearest thinking comes from dissenters. In the case of the Fed and the results and blowback from the latest FOMC meeting, that certainly seems the case. It may be only a matter of wording, but there seemed to be a slight policy shift.

The opening day jitters that accompanied Fed Chairwoman Janet Yellen's news conference remarks yesterday seem to have settled out a bit today.

All three major U.S. equities markets were up, Treasuries were stable, and oil is down as the immediate threat of disruption in Ukraine subsides.

Almost everyone was expecting clearer communications from the Fed today. What we got instead was a bit muddled. And, most investors and analysts tend toward accepting the gloomy side of things until upward momentum is a given. (And we stress "most.")