An up and down type of day as the Dow closed with a loss of 30 points on average volume. Advance/declines were positive. End of the month tomorrow. Summation index still heading higher. I'm trying to remain patient here as I think we still may have some room to go on the upside. GDP report tomorrow as well. Gold was up $8 today and the XAU rose 3/4. ABX had good earnings but only went up 1/2. GG was flat on the earnings news and NEM gained 1/3. Volume was light. If good earnings can't move the gold shares, then what will? No interest there but I'm still going to look at the September calls as a seasonality play. The dollar was weaker today which helped the metal but not the mining shares. Mentally I'm feeling OK. 3 weeks to go in the August option cycle, so there is plenty of time to consider something. We are working off the overbought condition of the stock market. I think that we could head higher when that is complete. The gold shares are oversold on the technicals but not doing much despite that. I'll remain on the sidelines for now and we'll see what happens tomorrow.