An up and down session to end the week that finished mostly lower across the board. The Dow only fell 9 points on light volume. The advance/declines were negative. The summation index is still trending lower. The Fed chairman spoke and the market sold off. The NASDAQ led the way down. The short term indicators for the S&P 500 are starting to roll over. We still like the idea of the SPY September puts. But will everybody be back at their desks next week or do we have to wait until after Labor day? No clear signal that I can see on what happens next. Gold got slammed and the futures fell $158. The US dollar jumped and interest rates were higher. The XAU lost 15 1/3 and GDX shed 4. Volume was heavy to the downside. The short term indicators on GDX have begun to move lower but are still on the overbought side of the ledger. The question is whether or not this is the opportunity to try the GDX September calls. We'll consider the answer over the weekend. Mentally I'm feeling OK. The VIX was a touch lower today which doesn't fit with a down market. Some of the short term indicators here are beginning to turn sideways. Yesterday the VIX looked like it wanted to go lower but now the picture isn't as clear. What is clear is that the breadth remains lousy and the NASDAQ has yet to confirm the other averages recent new all time highs. I'll be going over the charts as usual this weekend. Europe and Asia were higher to end the week. It's Friday afternoon and time for a break.