No upside expiration bias for August as the Dow fell 225 points on average volume.  The advance/declines were 5 to 1 negative.  We broke the important support of 1685-1680 on the S&P 500.  The trend is down.  The summation index continues lower.  There is no doubt about what we are in for now.  Rallies can be shorted.  We'll look for a move back to the zero line on the McClellan oscillator to buy the September OEX puts.  Of course we'll have to pay more for them but that idea should still work out.  The market never makes it easy for you.  The economic data reported today had no real surprises.  We are both short and medium term oversold and I expect a bounce soon.  The S&P 500 is also at its 50 day moving average, which may provide some short term support.  GE lost only 7 cents on good volume.  We are just about at the 50 day moving average here as well.  GE also remains just above a rising up trend line from the end of April.  I'd keep an eye on that.  Gold saw a flight to safety effect and the futures rose $27.  The precious metal got above the $1350 level and I think $1400 will be seen shortly.  The US dollar got clobbered which helped the price of gold.  We are finally seeing this relationship act as it normally does.  The XAU jumped 5 3/4.  ABX up a buck, GG rose 1 3/4 and NEM higher by 1 1/4.  Volume was heavy.  It's been a great week for the gold shares so far but they are probably due for a rest.  Overbought here on the short term technicals but not the medium term.  Mentally I'm feeling OK.  The stock indices are very oversold at this point.  We are not in danger of something crash-like just yet but that has a chance to unfold going forward.  Keep an eye on the summation index zero line.  That will be the key.  You can't really predict a crash-like event but you can know when the conditions are present.  I'm still a believer that the September puts are the way to go.  I could be wrong and often am.  Gold is moving higher and the next stop should be $1400.  If we could somehow make it through that level, the next levels of resistance would be the 200 day moving average and then the 50 day moving average.  That could simply be wishful thinking on my part.  My October ABX calls are showing a nice profit.  I think that the gains will continue.  We'll see.  Let's keep an eye on the foreign markets reaction to todays drop here.  Expiration Friday will wrap up the week tomorrow.