Another lazy day in the summer as the Dow gained 3 points on light volume.  The advance/declines were positive.  We were up over 50 points during the session but fell back.  The summation index is heading sideways.  We haven't made it back above the zero line for the McClellan oscillator but one good upside day will do it.  There is a potential to stall here as well.  What we do have is a lack of volatility and a tough trading environment.  The small stocks continue to show the good relative strength.  As long as that is the case, I don't see any major move lower.  GE was up 3 cents and the volume was light.  Still holding onto the 50 day moving average here.  Gold was up 5 bucks on the futures as the US dollar was lower.  The XAU and GDX again had slight fractional gains on light volume.  Mentally I'm feeling OK.  We're short term overbought again for the S&P 500 which has been the story for most of the August option cycle thus far.  We are hugging the top of the Bollinger band as well.  A case can be made for the SPY August puts.  However the timing would have to be just about perfect and that is a tough way to go.  Yes, things could roll over here but they could just as easily remain doldrums sideways.  I've been on the sidelines for a while and it appears I'll stay that way.  I will take a closer look at things tonight though.  European markets were higher led by a breakout in the DAX.  Asia was mixed.  I expect we'll continue the slow summertime atmosphere on Wednesday.