A down day to start the post holiday week as the Dow fell 44 points on light volume.  The advance/declines were 2 to 1 negative.  Still overbought here as one day of selling isn't a trend.  No real reasons for the activity today as nothing has really changed.  Technically overbought on most levels and all up trend lines remain in place.  Light trading should dominate from here until the end of summer barring some unforeseen event.  The small stocks are extremely overbought on some indices, hence the under performance of RUT today.  Could it be a sign of things to come?  Hasn't yet.  GE was off 1/8 and the volume was light.  Gold didn't do much on the day and neither did the US dollar.  The XAU was off 1 1/2.  ABX, GG and NEM all had fractional losses.  Volume was good for ABX, light for the others.  Yes, I still like the idea of the October gold share calls.  I need to see the technicals get to oversold though and we are no where near that yet.  Gold has held up pretty good after the run up though.  That leads me to believe that higher prices are in the future.  Mentally I'm feeling OK.  Not much else to report about todays price action.  Slipping from all time highs and there is no reason for concern at the moment.  However let's not forget the negative January price action for the stock indexes and what that implies down the road.  OEX puts are going to make sense at some point I believe as well.  The gold shares under performed today and that is a negative looking ahead.  Still plenty of geo-political turmoil in the world though.  I think it would be prudent to wait for some type of pullback in the gold shares.  But it may be wise to own the gold share calls before the earnings releases at the end of the month.  As usual plenty of questions in the game with no easy answers.  We'll keep an eye on the overnight developments and get ready for Tuesday.