A mixed bag for expiration Friday as the Dow fell 5 points on light volume.  The advance/declines were barely positive.  The NASDAQ under performed  with weakness from MSFT and GOOG due to their earnings reports.  Good earnings from GE helped the Dow.  I'm still guessing that we'll see on final move up here in the next couple of weeks and that should do it.  I could be wrong and often am.  The summation index continues higher.  The short and medium term technicals continue to be overbought.  Todays weakness in the small stocks could be the first sign of a change in the wind coming.  We'll see.  GE had a strong day and gained 1 1/8 on very heavy volume.  Yesterdays candlestick pattern didn't matter.  Calls were the way to go here but I was indecisive.  You cannot make money by staying on the sidelines.  That is stating the obvious.  Gold was up $8 on the futures as the US dollar fell back a bit today.  Still below the important $1300 level for the precious metal.  The XAU is finally out performing here and gained 3 3/8.  That is usually bullish going forward.  ABX and NEM rose 3/4, while GG tacked on another buck.  Volume was average.  That's 2 good weeks in a row for the gold shares.  My October ABX calls remain in the black.  Mentally I'm feeling OK.  We are now on to the August option cycle.  If we can get above 1700 on the S&P 500, I will be buying some OEX puts.  Could be next week.  It would probably be best to wait for a negative divergence in the McClellan oscillator or the RSI.  But who knows?  Maybe we will just continue to move higher, staying overbought for weeks on end.  It's happened before.  However the seasonality factor says that is not likely.  Gold has had a bounce and now we will have to see what happens with the $1300 level.  The daily short term down trend line of resistance comes in around that level.  Even if we drop back here, I still believe that the bottom is in at the $1200 level.  Time will tell on that.  One thing to remember here as well for all the markets is that we are in the middle of the summer.  I would not be surprised to see things slow down for a while.  That won't be a plus for options trading.  At any rate, it's Friday afternoon and time for a break.