We opened with a gap lower, traded higher for most of the session and then dropped again in the final hour. The Dow fell 47 points on good volume. The advance/declines were slightly negative. The summation index is trying to turn back up. Still short term oversold for the S&P 500. The market had to deal with the Fed speaking to Congress today and there were no new revelations. I'm still looking for the decline to take a break here and the S&P to trade up to at least the 3900 level. Oversold for too long in my humble opinion. Gold was up a buck on the futures. The US dollar was a bit lower and interest rates dropped. The XAU fell 2 1/2, while GDX shed 3/8. Volume was average. No interest in owning the gold shares. My GDX July calls dropped again and I've already got too big a loss on this idea. GDX would have to turn around in a hurry and the daily chart looks like it's about to move lower. Mentally I'm feeling OK. The VIX was lower and the short term indicators imply that it has plenty of room to go down. Whether or not that occurs is another question. The market has a summer feel to it already but not the doldrums just yet. Europe and Asia were lower overnight. We'll see how it goes on Thursday.