A drift lower today as the Dow fell 105 points on light volume.  The advance/declines were negative.  There is no catalyst for higher prices at the moment.  I don't think that this is the start of any sustained downside but I've been wrong before.  Perhaps if we get back to the 50 day moving average, the SPY April calls will be worth the risk.  However for now I'd advise a patient approach.  We've just started the April option cycle and there isn't any good signal one way or the other yet.  GE fell almost 1/4 on very light volume.  My GE April calls are losers and if GE keeps going down, this trade will not work.  GE also closed on the low for the day and that's not a good sign for the bulls.  Gold had a slight gain on the futures as did the US dollar.  The XAU and GDX had slight fractional losses.  ABX was off a few cents on light volume as well.  There's a chance that the recent rally in the gold shares is stalling here.  Whether it's a consolidation before heading higher or the end remains to be seen.  Mentally I'm feeling OK.  The daily candlestick chart for the S&P 500 has a bearish pattern at the moment.  It implies lower prices in the near term.  The 50 day moving average and the uptrend line from last autumn at 2065-2060 should provide support.  If we get there, that will be the place to try the SPY April calls.  That's my hypothesis at the moment.  If the market does fall now, the GE trade will be a loser.  Gold probably needs a pause here and a snap back to the recent broken downtrend line would be the next technical expectation.  The question is whether to hold onto the ABX calls or not.  Something to ponder tonight.  We'll keep an eye on the overseas markets tonight to see if they follow the US lower.