Some back and forth today but the final 2 hours saw an advance as the Dow gained 100 points on light volume. The advance/declines were positive. The summation index is moving up. The S&P 500 continues its short term overbought condition. We're still looking for a trade in the SPY this week but have come up empty so far. Some economic data due out this week but nothing that is expected to be a big market mover. Earnings will continue to be the focus in our view. My guess would be that the positive option expiration bias takes effect and we'll see higher prices going forward to Friday. But with the overbought condition a drop could appear out of nowhere. It looks like we'll be on the sidelines with respect to the SPY. Gold was off eight bucks on the futures. The US dollar was higher again along with interest rates. The XAU lost 3 1/4 and GDX shed 3/4. Volume was average. The short term indicators for GDX have turned down and they have plenty of room to go lower. That said, we still might try the GDX April calls with only 4 days left to go in the April option cycle. Those that missed the recent run up in the gold shares might be looking to jump in on this slight decline. Or this could be the beginning of a move back to the 50 day moving average which GDX is still pretty far from reaching. I'll have to look at the shorter term technicals tonight and see if a trade is the right thing to do here. The risk would be very high either way. Mentally I'm feeling OK. The VIX was lower today and closed below 17. It remains very short term oversold. The RSI on the daily chart is at 36 1/2 and I don't know if it will make it down to 30 this week. Plenty to consider overnight as we try and decide if a trade is worth the risk this week or should we simply wait for better opportunities. Asia up and Europe down to start the week. We'll keep an eye on tonights headlines.