An oversold bounce showed up today as the Dow rose 127 points on light volume. The advance/declines were positive which hasn't been the case lately. The summation index is still moving down. The NASDAQ once again was the outperformer and that's encouraging for the bulls. However we all know one day doesn't make a trend. The major stock indices remain oversold. The S&P 500 still hasn't reached our target of 4200 but maybe 4220 was close enough. We'll see as the decline has been relentless. We'll have to wait and see the reaction to Fridays employment report. Gold continued lower by a few bucks on the futures. The US dollar was a bit lower along with interest rates. The XAU and GDX had fractional losses on light volume. My GDX October call positions remain solid losers. I'm still waiting for some kind of bounce for the gold shares but none is forthcoming. GDX remains short term oversold and staying that way. Mentally I'm feeling OK. The VIX was lower today as it rose above the 20 level again only to fall back. It remains short term overbought. The daily candlestick chart now looks like it implies lower values for the VIX which would certainly help stock prices if it would occur. We are still considering the SPY October calls at some point. Oil took a big drop today. Asia was down and Europe mixed in last nights trade. We'll see what Thursday has in store for us.