August started with a bang as the Dow rose 208 points albeit on light volume. Advance/declines were 5 to 1 positive. The summation index remains in a steady uptrend. The short term oversold condition was worked off and the rally resumed. How much longer will it go is the question. I certainly don't have the answer. I'm still looking to get some OEX puts for September when I feel the time is right. The S&P 500 just broke through its 200 day moving average. I'm going to try and remain patient. I will take time for a decent top to be put in when and if that formation does occur. Gold was little changed on the day as was the XAU, which gained 1/2. ABX, GG and NEM all had fractional losses on light volume. The dollar was again pretty weak today but it isn't helping the price of gold. There's a disconnect going on there. Other commodities rallied but the precious metal just didn't do much. I'm still looking at the September gold share calls though. We are oversold on a daily basis and getting there on a weekly time frame as well. The Gold/XAU buy signal isn't in effect as yet. Plus the volume has been pitiful, indicating not much interest at the moment. We'll see. Mentally I'm feeling OK, slept well enough. 3 weeks in the August option cycle and I don't have anything that stands out trading wise at this time. It may be best to just wait things out until the summer is over. That won't be easy to do but it could be the prudent course of action.