Continuing to the upside as the Dow gained 47 points on light volume. The advance/declines were 2 to 1 positive. The summation is moving up and just passed the zero line. The overall market was stronger than the Dow with the NASDAQ leading the way. The bulls have now taken control. Some of the major stock indexes have broken through the top of their Bollinger bands. It appears that the contraction of the bands will produce a decent rally that started a week ago. We'll see what happens at the next resistance. Gold dropped $15 on the futures and closed below $1700. The US dollar was higher and interest rates held steady. The XAU fell 2 7/8, while GDX shed 3/4. Volume was light. My GDX September calls are now losers and should be stopped out tomorrow on follow through selling. My concerns on being early for this trade have been confirmed. Nobody is interested in owning gold right now. Mentally I'm feeling OK. The VIX fell and managed to close below its 200 day moving average. Short term oversold here but the VIX stays that way during rallies. If it makes it to 22 we'll be buying some SPY August puts. For now we'll just have to watch and wait. Earnings have been coming in OK so far as expectations were lowered beforehand. Asia higher and Europe lower in last nights trade. We'll keep an eye on the overnight developments.