Today was a repeat of yesterday but on a smaller scale as we had a gap higher at the open only to be followed by sideways price action. The Dow gained 46 points on heavy volume. The advance/declines were 2 to 1 positive. The summation index is still moving down. The NASDAQ was the leader and that's a plus. However we are still just bouncing up from oversold levels for now. With inflation data and the Fed tomorrow my guess would be that we head back down but the market can be full of surprises. The short term indicators for the S&P 500 are still on the oversold side of things. No SPY option trades for now. Gold was up a couple bucks. The US dollar was a bit lower as were interest rates. The XAU was off 1 2/3, while GDX shed 1/2. Volume was light. GDX remains short term oversold. The only way we'd take on a trade here is if there was some kind of bounce tomorrow in GDX for us to try the puts before Friday. I doubt that is going to happen. Mentally I'm feeling OK. The VIX was lower today and is still above the 20 level. The short term indicators here are trying to move down. The longer term up trend line on the VIX comes in at 20. I'd certainly like to take on a trade here before Fridays option expiration but it doesn't look like it. With only three days left in the March option cycle the risk pretty much speaks for itself. Asia was mixed and Europe higher again. We'll see what the Fed has to say tomorrow.