More hanging around in the summer again today as the Dow gained 59 points on light volume. The advance/declines were around 2 to 1 positive. The summation index is still trending down. It was another light volume, going nowhere kind of day. Waiting on the Fed chairman to speak on Friday. Even that can only do so much. I'm still in the camp that thngs don't really get going until after Labor day. The S&P 500 has stopped going lower and I expect some kind of bounce here. There are a couple of gaps to fill. If we see a light volume rally back up to the recovery highs we will seriously consider the SPY September puts. For now patience is the best strategy as the S&P is short term oversold on some of the technical indicators. Gold was up a few bucks on the futures. The US dollar held steady while interest rates continued their climb. The XAU was up 1 1/2, while GDX rose about 1/4. volume was light. No hurry to trade the gold share options right now. Again, waiting things out for a while seems to be the best course of action/inaction. Mentally I'm feeling OK. The VIX was lower today and was turned back at the 200 day moving average. The short term indicators here are rolling back down. The 50 day moving average is about to pass through the 200 day. That is a bullish sign for the VIX to move lower and implies higher prices for stocks. But we'll see. It would fit in with my scenario of a near term bounce for the market. So for now we'll remain on the sidelines and most likely let this week pass. Asia was lower and Europe higher in last nights trading. We'll see if we get some more summer doldrums tomorrow.