Just hanging around as the Dow fell 45 points on light volume. The advance/declines were negative. The summation index is moving up but slowly now. The NASDAQ led the way lower. The S&P 500 has traveled sideways for a week and remains short term overbought. This holiday week is generally a positive one for stocks so we will have to see where we go from here. I don't expect a lot of action this week as many players will be out of the office. I could be wrong. Gold fell $14 on the futures. The US dollar was higher and interest rates were flat. The XAU and GDX had fractional losses on light volume. The gold shares do continue to hold up rather well vs. the metal itself. That is a positive moving forward. I did place an open order for the GDX December calls. It will take some decline in GDX to get filled. GDX is still short term overbought. A drop to the 26 level would be the ideal scenario. Markets rarely cooperate. Mentally I'm feeling OK. The VIX was lower along with stocks. That isn't the normal relationship. The VIX remains short term oversold and I'm not sure what it has in store for us going forward. Once again it is probably best to let this week go by before committing to a SPY trade. So we'll try and remain patient for the time being. Europe and Asia were lower but the NIKK was up. We'll keep an eye on the overnight developments.