Friday in the summertime describes todays market action. The Dow fell 46 points on pretty light volume. The advance/declines were slightly negative. The summation index is moving up. The jobs report came in better than expected and we bounced around for the session. The NASDAQ posted a slight gain. The S&P 500 is barely short term overbought. The light volume says there were not a lot of sellers. There is a down trend line and the 50 day moving average at around 3970. That would be the spot to try the SPY puts but there is only a week left in the July option cycle. So the risk would be pretty high. If the S&P does rally to the 50 day ahead of Wednesdays inflation data perhaps we'll give that idea a try. We'll double check things over the weekend. Gold was flat today. The US dollar was slightly lower and came off of the best levels for the session. Interest rates continued their climb. The XAU and GDX had fractional losses on very light volume. Light volume was the theme for the day. Mentally I'm feeling OK. The VIX dropped even though we didn't see a rally for stocks. Not sure what that means. Closer here now to the 200 day moving average resistance. Maybe things will somehow set up for a short term trade next week. We'll check the charts over the weekend and try to come up with a viable game plan for option expiration week. Europe and Asia were higher overnight. It's Friday afternoon and time for a rest.