Lackluster trading to begin the week and end the month.  The Dow gained 60 points on average volume.  The advance/declines were slightly positive.  The summation index is trending sideways.  We did have a one day reversal to the downside in the S&P 500.  On Friday the McClellan oscillator gave a signal for a big move within the next two trading sessions.  So we'll have to wait and see what happens tomorrow.  We remain short term overbought for most of the major averages.  GE gained a few cents on average volume.  Gold barely moved despite another decent drop in the US dollar.  The XAU and GDX had slight fractional losses on light volume.  I will put in an open order for the longer term ABX gold share calls while I'm away.  But I'll price them for some type of pullback scenario since the gold shares are short term overbought at the moment.  This does look like simply a missed trade though at this point.  Mentally I'm feeling OK but not focused as I should be because I am leaving on vacation today.  The blog most likely will return in the middle of next week.  I do not anticipate being near a computer for a while but if I get the chance, I will provide an update.  There's a bit less than three weeks left in the August option cycle, so a trade is possible.  However taking time off will probably negate that possibility.  Overdue for some pullback in the overall market but that's been the case for months.  Asia was mixed and Europe mostly lower overnight.  I'll be back soon.

A quiet close to the week as the Dow added 33 points on light volume.  The advance/declines were slightly positive.  The summation index is now trending sideways.  The overall market was weaker than the Dow once again.  GDP came in about as expected, which led to a bit of selling early but did not amount to much.  The technical indicators for the major stock averages remain overbought.  The VIX did have a spike up this week but now looks like it is going to roll over.  Earnings remain the focus and they are coming in good for the most part.  The TRAN has rolled over and that is something to watch.  However most indices remain in striking distance to new all time highs and there is no resistance.  GE lost 1/4 on light volume and continues to disappoint.  What used to be a market bellwether is now an also ran.  Gold rose another $8 on the futures as the US dollar was lower.  The XAU gained 1 1/2, while GDX rose 1/3.  Volume was lighter.  It looks like the longer term gold share call trade has been missed.  The opportunity for ABX came on the drop Monday but my order was already canceled and I wanted to wait for the earnings as well.  I might place an open order before I leave on vacation but this would be chasing what has already happened.  There is plenty of room to move up on the weekly chart though.  But the most opportune time for that trade has been missed.  Mentally I'm feeling OK.  End of the month coming on Monday and we'll probably see some squaring of positions.  We've got a summer rally in progress with no sign of the doldrums.  We'll see how this plays out going forward.  My mind is in vacation mode for now.  Europe and Asia were lower overnight.  It's Friday afternoon in late July.  Time for a rest.

Volatility returned to day as the Dow gained 85 points today on heavy volume.  The advance/declines were negative.  The summation index is still moving up.  The overall market was much weaker than the Dow, especially the small stocks.  Some indices had one day reversals to the downside.  The TRAN fell almost 300 points.  I'm not exactly sure what is going on here but one day doesn't make a trend.  The short term technical indicators for the majority of the major indices remain overbought.  We'll have to see how the market behaves tomorrow.  GE gained almost 1/4 on good volume.  Is this the bottom for GE?  Gold rose $9 on the futures despite a decent gain in the US dollar.  The XAU dropped two points, while GDX shed 1/4.  Volume was average.  If the gold shares turn back down here, there's a possibility that I will be able to put on the longer term gold share call trade.  We'll see.  Mentally I'm feeling OK.  GDP out tomorrow and that should have an effect on the US dollar, which in turn should move the gold market.  And the overall market for that matter.  Today was interesting because the volatility came out of nowhere.  As long as we stay overbought, there is always that possibility.  Earnings have been pretty good so far and if that continues I don't see any major drop for stocks.  We are in a seasonally weak period for equities though.  So we'll see how it goes.  Asia was higher and Europe mixed overnight.  We'll close out the week tomorrow.

More of the same today as the Dow gained 97 points while the overall market lagged.  The advance/declines were barely positive and volume was average.  The summation index continues higher for now.  I really think things are getting overdone to the upside at this point.  It is usually not bullish when the Dow is the leading average.  Overbought and overdue for something to the downside in my opinion.  But my opinion hasn't been worth much lately.  The Fed was dovish with remarks and rates remained unchanged.  The summer rally is in full swing.  GE gained 15 cents and the volume was good.  Gold rose $8 on the futures as the US dollar continued its decline.  The XAU added 2 1/2, while GDX rose 1/2 on better volume.  It appears that I've missed the longer term gold share call trade.  The stock that I chose, ABX, has already come up off of its lows of Monday.  Earnings due tonight and the gold shares have momentum at the moment.  Mentally I'm feeling OK.  Summer rolls on and so does the Dow.  Nothing seems to be in the way but this can't go on forever can it?  Still more earnings due in the next couple of sessions, plus GDP on Friday.  I'm basically waiting to go on vacation next week.  Europe and Asia were mostly higher overnight.  We'll see how traders reacts to the earnings from ABX in trading tomorrow.

Earnings drove the market higher today as the Dow rose 100 points on good volume.  The advance/declines were positive.  The summation index continues to trend higher.  The overall market was weaker than the Dow today.  New all time highs for many of the major stock indices.  You cannot argue with price.  Overbought and staying there.  GE was up a penny on pretty good volume.  Gold dropped $4 on the futures as the US dollar was little changed.  The XAU added 1 2/3, while GDX was up 1/4.  Volume was light.  Good earnings from NEM was the catalyst for the gold shares.  ABX made a comeback as well.  We await the earnings there after the bell tomorrow.  Mentally I'm feeling OK.  The VIX is at low levels that haven't been seen in years.  Todays heavier than usual volume for the market is either the beginning of a blow off to the upside or then end of this two week rally.  That's my guess at the moment.  We'll get the Fed out of the way tomorrow but we seem to be in an earnings driven environment for the time being.  And earnings are looking pretty good so far.  GOOG disappointed and there could be a double top put in there on the daily chart.  MMM had a huge gap down as well.  But the stocks that had good reports drove things higher for the most part.  We'll see if that continues and it is looking like it probably will.  Asia was mostly lower and Europe higher in last nights trading.  We'll see what the Fed has to say tomorrow.  I don't expect any surprises. 

A mixed bag to start the week as the Dow lost 66 points on light volume.  The advance/declines were negative.  The summation index is now grinding higher.  The overall market was stronger than the Dow with the NASDAQ leading the way.  That's a positive.  We've got the Fed on Wednesday but it could simply be a non event.  There are no changes expected there.  GDP on Friday should be more of a market mover.  Plus we've got a lot of earnings coming out this week.  But it is the last week of July, so slow trading would not be a surprise.  Still overbought on all the major stock indices any way you look at it.  GE continues to fall, off 1/2 on heavy volume.  So not everything is going up.  Gold was flat on the session as the US dollar was slightly higher.  The XAU lost 1 3/4, while GDX shed 1/3 on about average volume.  One day doesn't make a trend but the volume on the recent rise in the gold shares was weak.  ABX got clobbered today but I am still considering the longer term calls there.  Earnings are due after the bell on Wednesday.  I'll wait for that before considering putting in an order.  Mentally I'm feeling OK but with a vacation coming up, my mind is not in the proper place for trading.  I rarely travel and prefer to keep the normal day to day schedule with the markets.  Having to take off for a while throws things out of whack.  Like last year when I got stuck in the hospital, although that was more of a life and death scenario.  At any rate to be successful here you've got to pay attention.  That doesn't occur when you're traveling.  So I'm kind of in limbo for a few weeks when it comes to trading.  Now I can put on the longer term option gold share call trade, since it will go out to the autumn.  I may leave in an open order depending on how it goes after the earnings announcement.  Or I may simply pass altogether.  I still think the overall market is due for a rest but as usual the timing is the question.  Europe and Asia were mixed overnight.  We'll keep an eye on the overnight developments.

Another slow trading day as the Dow lost 31 points on light volume.  The advance/declines were slightly negative.  The summation index continues to the upside.  The Dow did come up from the lows of the session.  It seems like we are in a drift here, with the market poised to go higher still.  Overbought and staying there.  Summer trading is upon us.  GE hit another new low on the earnings and fell 3/4 on the day with very heavy volume.  It too came back from its worst on the day.  It's trying to hold the 200 week moving average.  Gold was up $8 on the futures as the US dollar keeps dropping.  The XAU and GDX had slight fractional gains yet again but the volume remains very weak.  My guess is that this rally in the gold shares will fail.  If it does, I'll attempt the longer term gold share calls when we get oversold here.  If it doesn't fail, I will have simply missed the move.  Mentally I'm feeling a bit tired, did not sleep well.  We made it though expiration Friday with most of the major stock averages still hovering near all time highs.  There doesn't appear to be anything in the way of the rally.  I still don't like the light volume but we haven't seen much selling in the past couple of weeks.  We'll roll into the August option cycle, which has an extra week in it.  The option premiums will be high.  I'll be keeping an eye on things but since I'll be going away in about a week, the urgency to trade will be missing.  I may leave an open order for the longer term gold share calls but that will be about it.  It depends on how ABX reacts to the earnings on Tuesday.  As for the S&P, we're long overdue for some type of decline but it hasn't happened yet.  We get sideways and then higher.  As long as that continues, the path of least resistance remains up.  But I would remain cautious here because the potential RSI negative divergence is still visible on the weekly chart.  But nothing has happened yet.  Asia and Europe were both lower overnight, with the DAX leading the way down.  Could that be a sign as to what we are about to see here for the Dow?  Stay tuned on that.  I'll be checking things over the weekend but the overall tone of things here is the lazy, hazy days of summer.  It's Friday afternoon and time for a rest.

A bit lower today as the Dow fell 29 points on light volume.  The advance/declines were barely positive.  The summation index is moving up.  Kind of just a sideways summer session.  Overbought both short and medium term now for the S&P.  The TRAN has already rolled over.  I can't see us going much higher in the near term but my ideas have been quite wrong lately.  We'll see how the expiration goes tomorrow.  GE was off 1/4 and the volume was heavy.  This stock just cannot get anything going to the upside.  The daily candlestick chart is bearish.  Gold was up just a bit on the futures as the US dollar continues its decline.  The XAU and GDX had slight fractional gains on light volume.  I canceled my open order for the ABX longer term calls for now.  I'll let the earnings report come out next week and then figure out if I still want to try this trade.  The gold shares have rallied for a couple of weeks but the volume has been light.  Mentally I'm feeling OK.  Record highs day after day for most of the major stock indices large and small.  I still do not trust this rally because the volume has been light all the way up.  It may just be because of the summer season but I cannot go against that principal.  I still think that things will not end well here and we are on the 5th and final wave up that started with the end of the last recession.  Earnings season is upon us and we'll have to see how that goes.  The rise this week could simply be expiration related, combined with squeezing what is left of the shorts.  Asia was higher and Europe mostly lower last night.  We'll see how we close out the week tomorrow.   

The rally continued yesterday as the Dow gained 66 points on the usual light volume.  The advance/declines were about 3 to 1 positive.  The summation index is now heading higher at a better rate.  The overall market was much stronger than the Dow.  There is no overhead resistance but I would expect a move back to the breakout point.  However my ideas on the stock market have been wrong lately.  I also still do not trust this light volume move up but you can't argue with price.  Gold was little changed as was the US dollar.  I got tied up yesterday and never made it back to a computer to update the blog.  Things will be back to normal for the blog, or at least should be, today.

Lower for the Dow today as the most watched index shed 55 points on light volume.  The advance/declines were slightly negative.  The overall market was stronger than the Dow with both the S&P 500 and the NASDAQ higher.  The summation index is still moving up.  We got another signal yesterday from the McClellan oscillator that portends a big move that would now be due tomorrow.  We'll see if that signal works again.  Not much else for me to do here.  The market is overbought and staying there.  That is the way it goes in up trends.  I'm still not sold on this light volume rise.  GE was up a few cents and the volume was light.  Gold gained $8 on the futures as the US dollar down trend continues.  The XAU and GDX had slight fractional gains on light volume.  Gold has been acting better than the gold shares in this rise and that generally isn't sustainable for a long term trend.  You'd like to see the opposite.  Mentally I'm feeling OK.  It looks like we're getting the positive expiration bias for the stock market this week.  No news really and we tried to sell off early today but to no avail.  I'm on the sidelines for the foreseeable future due to lack of confidence combined with an upcoming vacation.  I'll be canceling the open order for the longer term gold share calls this week due to the earnings coming out next Wednesday.  Not exactly the summer doldrums here but the volume is slow and the price movement isn't extreme.  We'll see what happens tomorrow.  Asia was mixed and Europe lower overnight.  The Dow did follow the DAX but not with the same degree.  I'll be keeping an eye on the news tonight.    

A quiet summer Monday of trading as the Dow fell 8 points on very light volume.  The advance/declines were positive.  The summation index is still moving higher.  Short term overbought now for all the major averages.  But that doesn't mean that we can't stay that way.  I do think some type of decline is imminent though.  However after last weeks debacle, I'll be remaining on the sidelines.  4 days to go in the July option cycle and my confidence is shot anyway.  With a trip planned during the August cycle. it appears that I won't be trading the SPY options anytime soon.  It's a light week on the economic calendar.  GE was up a few cents and the volume was light.  Gold was up $5 on the futures as the US dollar was little changed.  The XAU rose 1 1/4, while GDX had a fractional gain.  Volume was very light.  I've still got the longer term open order for the ABX calls out there but will probably cancel it ahead of the earnings next week on the 26th.  No need for a surprise there and if ABX drops, then I'll consider it again.  Mentally I'm feeling OK.  The VIX is below 10 and oversold any way you look at it.  This won't last forever either.  I do expect some kind of drop or consolidation this week.  At the rate things are going here, it looks like we could head higher after a brief pause.  But I really don't think we are going to see a strong leg up.  The volume is just not there and eventually this too will fail.  The timing, as usual, is the question.  Now it may seem as though I'm leaning back and forth on what will happen here.  But we will be heading lower in my opinion because a light volume rally can never be trusted and the breakout in the S&P here is weak in my opinion.  Europe and Asia were mixed overnight.  We'll follow the overnight developments and take it from there. 

New all time highs once again as the Dow gained 84 points on very light volume.  The advance/declines were over 2 to 1 positive.  The summation index continues higher.  Overbought and staying that way for now.  We have broken out to new all time highs on the S&P 500 as well.  But the volume is so light here that I am pretty sure that this rally will not end well.  The shorts got squeezed today and that included me.  I got clobbered on my SPY July put trades.  I simply dumped them today because this was a poorly timed idea.  I thought that I was doing the right thing but was simply wrong in my take of the market.  I was getting short as the sideways consolidation was ending.  I'm not sure if it was because I wanted to get a trade in for the July cycle or perhaps to put something on since I hadn't traded in a while.  Regardless, my reading of the indicators and the markets was wrong.  It was a 75% loss on the first trade and a 60% loss on the second.  I committed the cardinal sin of chasing a losing trade.  My thinking this past week was poor to say the least.  But you've got to keep moving on.  GE lost a penny on very light volume.  Gold was up over $10 on the futures.  The US dollar was lower on weaker than expected economic data.  The XAU added 1 1/3, while GDX rose 1/3.  Volume is still light here.  I still have my open order for the longer term ABX calls out there for now.  Mentally I'm feeling frustrated after my losing trading attempts this week.  There is no way in my mind that I think we are on the verge of another leg up here for the S&P.  Even though it is summer, the volume is so light on this up move that it just cannot be trusted in my view.  We're short term overbought but can stay that way as option expiration week is upon us.  So what's my next move?  Do I dare try the SPY July puts again next week?  Probably not.  I'm most likely going to head to the sidelines to lick my wounds.  I'm also planning a vacation for a change during the August option cycle, so my attention then won't be what is necessary to trade.  I'm pretty disappointed in my trading behavior this week and that is not the mental state of mind that is helpful for success.  The set up now looks like the market is about to drop but I am pretty sure that I'll be sitting things out for now.  The VIX is almost at its lowest point for the year and that will not last.  I'll go over all the charts again this weekend but I would not be surprised to see some kind of drop next week.  It's Friday afternoon in the summer and time for a break.

A drift higher today as the Dow rose 20 points on light volume.  The advance/declines were slightly positive.  The summation index is trending higher.  The overall market was stronger than the Dow.  The volume is so light here at all time highs for the Dow that I have to believe that the market will head lower in the near future.  And sooner rather than later hopefully for my SPY July puts.  I did think that today was the ideal time to buy and I purchased some other SPY July puts at a higher strike price.  This is a risky venture to say the least as the market could simply stay overbought and drift higher.  But without something to provide a push higher, I have to think that a pullback is coming soon.  We'll see.  GE was up almost 1/4 but the volume was lighter.  Gold was slightly lower on the futures as the US dollar was little changed.  The XAU fell 1 1/8, while GDX dropped 1/4.  Volume was light.  Mentally I'm feeling OK.  I'm breaking one of the rules here as I am chasing a losing position with more capital.  I'm now holding the SPY July puts at two different strike prices.  Both are showing losses with the lower strike price having the bigger loss.  I'm not sure if I want to hold this over the weekend or not.  I'll have to let tomorrows price action determine that most likely.  We're short term overbought but we could get more overbought.  With 6 days to go in the July option cycle there is time for this trade to work.  However as time goes by the premiums get smaller and that doesn't help the situation.  The trading is never easy.  Europe and Asia were generally higher overnight.  We'll close out the week tomorrow. 

We got the big move implied a couple days ago by the McClellan oscillator as the Dow rose 123 points on light volume.  The advance/declines were 3 to 1 positive.  This should turn the summation index back up.  Yellen spoke and the market liked what it heard.  The Dow hit a new all time intra-day high.  My open order for the SPY July puts was filled in the morning and is showing a small loss.  This trade doesn't appear to be working, as tomorrow might actually have been the time to place it.  I may sell it for a small loss tomorrow morning and then move to a higher strike price as the day moves on.  It depends on how we open and the market action early on.  The short term down trend line has been broken to the upside and the short term indicators have moved back up.  So perhaps the puts here are not even the right idea.  I don't trust light volume rallies though.  GE was up 20 cents and the volume was heavy.  Perhaps The low for GE has finally been put in.  Gold was up almost five bucks on the futures.  The US dollar bounced around and finished the day little changed.  The XAU and GDX had slight fractional moves higher.  Volume remains light here.  Mentally I'm feeling OK.  Finally back in a trade but it isn't quite going as I'd like it.  I'm either a little early or this idea is completely wrong.  The overall market was stronger than the Dow and the small stocks acted well.  Getting short term overbought for the small stocks but we still could see some more upside despite being overbought.  If we see a pick up in volume to the upside, then I think we'll be getting a summer rally.  If we stall out here, then the SPY July put trade could work.  There's still 7 days to go in the July option cycle.  But I will try not to fool myself.  My entry today was not what it could have been and there's definitely a chance that we simply move higher from here.  Asia was lower and Europe higher last night.  Some economic data out tomorrow but much more on Friday including retail sales.  We'll keep an eye on the overnight trading action. 

Volatility returned today as the market was off more than 100 points during the session but managed to make it back to break even by the end of the day.  The Dow was up a half a point on light volume.  the advance/declines were slightly higher.  The summation index is still moving lower.  My open order for the SPY July puts wasn't close to being filled with todays price action.  I'm leaving it in but things could change in a hurry.  The McClellan oscillator gave a signal yesterday for a big move within the next two trading sessions.  We could have seen it today with the intra-day 100 point move lower.  Or it still may be coming tomorrow.  We will get the Yellen testimony and the Feds beige book.  The market has had plenty of chances to sell off lately but it always seems to find a way back.  GE was up 1/3 and the volume remains good.  Gold was up a couple bucks on the futures after being lower early on.  The US dollar was lower.  The XAU and GDX had slight fractional gains on light volume.  My longer term gold share option order remains in place.  Mentally I'm feeling OK.  We are in an interesting place here as the small stocks broke their 50 day moving averages and have now bounced back to them.  The S&P 500 is balancing on its 50 day moving average as well.  The S&P has also stalled once again at the short term down trend line.  A break above that line should lead to some kind of rally.  The breadth and volume, if it does happen, will tell us what we need to know about where things are going.  But we could simply break down from here as well.  We've been sideways with a downward tilt for over a month now.  Something has to give.  With the summation index still moving down, I'm looking for a meaningful drop.  But we all know that things can turn on a dime in this game.  Asia was higher and Europe lower overnight.  We'll see what tomorrow brings. 

A mixed market to begin the week as the Dow lost 5 points on light volume.  The advance/declines were barely positive.  The summation index is still moving lower.  The overall market was stronger than the Dow and the small stocks led the way.  That's a positive.  The S&P 500 still remains below a short term down trend line though.  I do have an open order to purchase some SPY July puts but it will take a small rally to get filled.  I may be too late as it is possible that today was the day to get short again.  However it is also possible that the consolidation is over and we're going to head to new all time highs again.  I am not in that camp.  GE was off eleven cents and the volume remains above average.  Not sure what is happening here.  Gold was up 3 bucks as the US dollar was little changed.  The XAU rose 2 3/8, while GDX gained 1/3.  Volume was average.  I'm not sure why there was interest in the gold shares today.  My open order for the ABX October calls was almost filled on Friday.  The premiums there have now risen as ABX added 1/2 today.  I'm leaving the order in.  Mentally I'm feeling OK.  Inflation data out this week along with retail sales.  We also will get the fed beige book and testimony from Janet Yellen on Wednesday.  So there is potential for some market movement.  I'm still looking for lower prices in the near term and will take my cues from the summation index.  However, if we get a sharp rally out of nowhere, I'll be canceling my order for the SPY July puts.  Europe and Asia we higher in overnight trade.  We'll keep an eye on tonights developments.

The recent up trend lines held for now as the Dow gained 94 points on light volume.  The advance/declines were a bit better than 2 to 1 positive.  This will slow the drop in the summation index but the summation index isn't really trending one way or the other.  The overall market was stronger than the Dow and that's a plus.  The VIX turned around and is heading back down.  I don't trust light volume rallies and may be looking to purchase some SPY July puts in the beginning of next week.  We are more short term oversold than overbought.  GE was off another 16 cents on good volume.  Not sure what the story is here but we hit a new yearly low.  Gold lost over $10 on the futures as the US dollar was up a bit.  The XAU shed 1 1/2, while GDX lost 1/4.  Volume was average.  I still have the open order in for the longer term ABX calls and will leave it out there.  Could get filled perhaps next week if the decline in gold continues.  I'll take another look over the weekend.  Mentally I'm feeling a bit tired.  The employment report was better than expected and we rallied from the start.  Whether or not it has legs will be determined next week.  We've had quite a bit of selling lately but are still close to new all time highs in some of the major stock indices.  With two weeks to go in the July option cycle, there is still time to put on a trade.  Today was important, because a break here would have led to a lot more selling.  But that could be the case next week if things turn back down and the up trend line is threatened again.  I am kind of leaning towards that scenario but will have to do the work over the weekend to be sure.  I will probably attempt some type of trade next week.  Asia was lower and Europe mixed overnight.  It's Friday afternoon and time for some rest.

To the downside as the Dow fell 158 points on light volume.  The advance/declines were over 4 to 1 negative.  The summation index is now heading lower which implies lower prices to come.  The overall market was weak as well.  Is it too late for the SPY July puts?  Maybe but we'll have to see how it plays out from here.  We are approaching an up trend line from the beginning of the year for the SPY that comes in at roughly 239.  That could be a spot to try the SPY July calls tomorrow.  However the market has the feel of wanting to drop here.  We are short term oversold for the S&P but not drastically so.  We are also at an up trend line for the NASDAQ.  Tomorrow will be an important session.  We'll either hold on here or start to really drop.  GE was off over a point on heavy volume.  Is this the precursor for tomorrow?  Gold rose a couple bucks on the futures as the US dollar was weaker.  The XAU and GDX had fractional losses on light volume.  Mentally I'm feeling OK.  Obviously the tone of the market has changed here.  Where as before we had no sellers, now we are lacking buyers during the trading day.  We're still pretty close to all time highs for many of the major big cap indices.  The VIX has started to rise here but is not overbought yet.  So here we are.  Potentially on the verge of a breakdown in my opinion.  If we can hold up here there might be a chance for a short term rally.  So we are at an important inflection point for the market.  The employment report will probably trigger some kind of reaction.  I'm not sure if I'll make any trades though.  We'll see.  Europe and Asia were lower overnight but not drastically.  We'll see what happens with the jobs report and the markets reaction to it tomorrow. 

Kind of a mixed bag after the holiday as the Dow lost a point on light volume.  The advance/declines were negative.  The overall market was stronger than the Dow for a change, with the NASDAQ up 40 points.  The summation index is still trending sideways and along with the overall market is trying to make up its mind on which way to go.  I'm still leaning towards purchasing some SPY July puts.  However I may wait until Fridays jobs report to decide what to do.  It still appears as though you can make a case for either direction.  GE lost a dime and the volume was light.  Gold was up $3 on the futures and the US dollar finished the day little changed.  The XAU had a fractional gain, while GDX lost a nickel.  Volume was average.  Not a lot of interest in gold despite another launch form North Korea.  Mentally I'm feeling OK.  Over two weeks to go in the July option cycle so there is time to get something done on the trading front.  No clear signal here though and sometimes being patient is the toughest task to do.  I would not expect much tomorrow ahead of Fridays employment report.  The Fed minutes today did not spark any market action.  Perhaps just waiting for Friday makes the most sense at this point.  Europe and Asia were generally higher overnight.  We'll see how it goes tomorrow.  

The Dow rallied on this holiday shortened trading session, gaining 129 points on very light volume.  The advance/declines were over 2 to 1 positive.  The summation index will be higher today but still moving sideways on the overall picture.  We were up over 200 at one point during the day.  The overall market was still much weaker than the Dow here with the NASDAQ firmly in negative territory.  The Dow did set a new intra-day high.  I really think that the index puts are the way to go here as the Dow leadership is bearish in my mind.  It may be too late though as todays price action was actually bearish in my view.  A light volume rally that was sold in the last hour of trading.  GE was up 3/8 on very light volume.  Beginning of the month buying perhaps.  We are oversold all the way around here for GE.  Gold took a hit today as the futures shed over $20.  The US dollar was higher.  The XAU lost 1 3/4, while GDX dropped almost 2/3.  Volume was light.  I do still have an open order for the longer term gold share calls of ABX.  Mentally I'm feeling OK.  The TRAN has now joined the Dow at new all time highs.  It is hard to be bearish with these positive technical conditions.  It is hard to ignore the negative technical divergences in some of the major averages though.  Perhaps we'll see one more blow off to the upside before some real selling kicks in.  Volatility did pick up last week but we have yet to see even a 5% decline in the major averages.  I suppose I'm just really still at a loss on where we are going from here.  But I am leaning towards getting some SPY July puts ahead of the employment report on Friday.  If we continue to go higher in the next couple of trading sessions on light volume, that's what I'm planning to do.  Europe and Asia were generally higher overnight.  We'll enjoy the day off tomorrow and be back at it on Wednesday.