An upwards drift today as the Dow gained 40 points today on very light volume.  The advance/declines were positive.  Some of the foreign markets were on holiday today.  Short term overbought on the stock indices now and a pull back is expected near term.  That's my best guess at the moment.  Whether or not that begins another leg down is up for discussion.  The TRAN is close to a new all time high but the volume for the up move has been light.  I still advise caution when it involves light volume rallies.  GE was little changed and the volume was light.  GE has held up good here and that is a positive for the bulls.  Gold fell about 3 bucks on the futures but was lower early on.  The US dollar was just slightly higher today.  The XAU was off 1/4 and finished off of its lows as well.  ABX lost 3/4, GG was up 1/2 and NEM gained 1 1/2.  Volume was heavy for the gold shares as there was stock specific news for the big three.  GG has withdrawn its bid for a mine.  A proposed merger between ABX and NEM has been called off again.  I did purchase the May ABX calls today.  We are oversold here on different time frames.  The major support here is at $17.  If that doesn't hold this trade will not work.  ABX closed around 17 1/4.  I may have been a day early here.  Earnings due next week and that should get the stock moving one way or the other.  Mentally I'm feeling OK.  We've had a bounce in the stock indexes and the volume has been light.  That, in my mind, is not a positive sign.  I expect some selling this week and we will have to see where that takes us.  Of course I could be wrong and the market breaks out to new all time highs.  But I am not bullish on the stock indexes here.  I believe that there is more downside than upside going forward.  Gold is trying to hold on to the support at $1280.  Whether or not it can will say a lot about where the gold shares are going.  The XAU broke below the 90 level today and almost made it all the way back.  That is something to keep an eye on as well.  ABX broke it s near term support today and the volume was heavy.  That is not bullish by any means.  Why buy the calls then?  If my prognosis is correct, then today or tomorrow would be the time to buy.  If my analysis is wrong, that should show up rather quickly as well.  We will have to wait and see how tomorrow turns out when all the worldwide players have returned.  We'll keep an eye on the overnight action and go from there.