Quite a bounce today as the Dow blasted higher by 196 points on light volume.  The advance/declines were better than 2 to 1 positive.  The summation index is still moving lower but not with the same velocity.  Another positive session could turn the summation index around.  I thought we were just going to hang around this week but that is not the case.  I did place an open order for the SPY September calls but it will take more positive price action to get filled.  The level to watch in my mind is 2465 for the S&P.  Getting short there is the plan for now unless we somehow just burst through there.  I'd really just like to see things move sideways to higher into early next week.  GE was up about 1/8 on average volume.  Gold lost $5 as the US dollar was higher.  The XAU and GDX had fractional losses on light volume.  Mentally I'm feeling OK.  I'm still pretty sure that getting the SPY puts for September is the way to go here but I don't want to be early.  The RUT has led the way down and it looks like it is about to break its steep downtrend line to the upside.  If that occurs, we could see prices snap back higher than I currently anticipate.  It is something to keep an eye on.  Plus that fact that my prognosis could be completely wrong and the market simply goes higher from here.  That has happened before in this seasonal time frame despite the bearish tendency.  So as usual the trading game is tough.  The short term technical indicators have turned back up but not decisively.  I'm going to leave my open order out there and adjust it according to how the market behaves going forward.  So we'll see.  Europe and Asia were higher overnight.  We'll keep an eye on the overnight action.