Today we had some one day upside reversals as the Dow rose 74 points on good volume. The advance/declines were positive. The summation index is still moving lower. Most stock indices opened with a gap lower and then closed higher with the exception of the NASDAQ which ended negative. The turnaround began around noon time and went all the way into the close. We are looking at the SPY November calls perhaps on any weakness Monday. The short term indicators for the S&P 500 are stalling once again and are not yet completely short term oversold. The 50 day moving average held things in check today. We have to figure out if the recent weakness was just another pause in the longer term rally or the start of maybe a five to ten percent drop which is long overdue. We are leaning towards the bullish outcome for now. However we'll look things over this weekend and go from there. Gold was up $16 on the futures. The US dollar was lower and interest rates finished flat. The XAU gained 6 2/3 and GDX added 1 3/4. Volume was average. The short term indicators for GDX are now moving higher and there's a chance that the decline in the gold shares is over. GDX closed just below its 50 day moving average. Mentally I'm feeling OK. The VIX traded above the 20 level early on only to close below it. It finished lower which fits with an overall slightly higher market. The short term indicators here are beginning to stall. Although the daily candlestick chart for the VIX looks bullish again this indicator has not panned out lately. Not sure which way it goes from here. I'll be checking the charts over the next couple of days to come up with a game plan for next week. Asia and Europe were lower on Friday to close out the week. It's Friday afternoon and time for a break.