A little selling today to close out the week as the Dow fell 140 points on average volume. The advance/declines were positive. The summation index is moving up. Nothing dramatic to the downside but the NASDAQ was the underperformer. We did get a signal from the McClellan oscillator last night for a big move within the next two sessions. We'll see if that pans out on Monday. The technical picture for the S&P 500 hasn't changed. Still short term overbought and staying that way. We'll get the Fed and some inflation data next week so there will be reasons for market movement. I'm still in the camp for the SPY February calls so hopefully we'll see some pullback to get the chance at that idea. Not sure that the technical indicators will get all the way back to oversold though. Gold was up $13 on the futures. The US dollar was down and interest rates wre slightly lower. The XAU was up almost 2 points and GDX rose 3/8. Volume was light. Still short term overbought on the gold shares. Mentally I'm feeling OK. The VIX was lower today which doesn't fit with a down market. Short term oversold and staying there. Not sure what's coming up next here for the VIX. We've been in a two week rally mode for stocks and I don't think that its over anytime soon. The technicals put in a decent bottom and it is just a matter of how high things will go here in my view. The extra week in the February option cycle has kept the premiums high. There is no rush to put the next trade on and we may have already missed it if the market continues to go straight up. Patience for now as we'll most likely let the Fed get out of the way before doing anything. I'll be checking the charts as usual over the weekend. Asia and Europe finished out the week mixed. It's Friday afternoon and time for a break.