Not much to report from todays price action as the Dow was up 3 points on light volume. The advance/declines were positive. The summation index is still moving up. The overall market was weaker than the Dow with the NASDAQ leading the way. The S&P 500 remains short term overbought. Perhaps the market is waiting to hear what the Fed chief has to say tomorrow. Not sure what to make of the lighter volume lately. If it's a liquidity issue we'll most likely be heading lower in the coming days. It may simply be just a lack of interest. End of the month tomorrow. Gold bounced back twenty bucks on the futures. The US dollar was higher along with interest rates. The XAU gained 3 1/4, while GDX was up 7/8. Volume was good to the upside. Some of the short term indicators for GDX have now turned back up. We cannot overlook the fact that buyers have come in for the gold shares pretty strongly in this move higher. It stands to reason that the GDX calls should be the preferred trade in this atmosphere. Finding the right entry point is imperative but GDX is still short term overbought. We will remain patient for now but at the rate it's going GDX doesn't look like it will return to the neckline of the recent reversal pattern. Mentally I'm feeling OK. The VIX was slightly lower today. Still short term oversold but not extremely so. Not sure where it goes from here. Plenty of time left in the December option cycle but we need to come up with a good idea. Europe and Asia were generally higher in last nights trade. We'll see what tomorrow brings.