It’s hard to believe that the CMOE’s VIX volatility index rose only 1.20% today and fell dramatically yesterday by over 7.00%.

If anything characterizes todays movements in almost all markets, it is inarguably volatility.

The relatively dovish statement delivered by Fed chairwoman Janet Yellen confirmed what most of us knew beforehand. That is, that given economic conditions in the U.S. and the rest of the world, the Fed would leave rates as they were.

The headline says it all. At 3:45PM we are waiting to see if regular trading can maintain a modest little up-move – around $1.30 an ounce – in the face of a very healthy greenback. Dollar strength is dragging gold down over $7.00 at this juncture.