We tried to bounce today but it wasn't all that successful as the Dow rose 75 points on light volume. The advance/declines were slightly positive. The summation index continues sideways. We opened higher but then trended down for the rest of the session to basically tread water on the day. There certainly doesn't seem like there is any interest from buyers lately. Both the NASDAQ and the S&P 500 remain below their 50 day moving averages. The short term technical indicators for these two are now mid-range. So you could make a case that we could go either way from here. I'm still looking for a better bounce than what we saw today. The TRAN was lower again though. Only a week remains in the September option cycle. Still on the sidelines with regards to trading the SPY for now. Might try something ahead of the inflation data but we'll see. Gold, the US dollar and interest rates all ended the day flat. I guess they are trying to figure out where to go next. The XAU and GDX finished flat today as well on light volume. This is the kind of trendless trading day that we witnessed. The daily candlestick chart for GDX looks like it wants to head lower. The short term indicators here are beginning to move sideways. GDX is neither overbought or oversold on a daily bais at the moment. My open order for the GDX October calls remains out there. Might have to adjust it next week. The inflation data will probably get gold moving but which way is the question. Mentally I'm feeling OK. The VIX was lower today and remains short term oversold. It still looks like it wants to move down but I'd be guessing if I said that I knew what to expect here next. It does remain below its 50 day moving average. It was a quiet and negative short week for the major stock averages. Not sure what to expect next but I'm pretty sure that things will get moving after the inflation news. We'll be checking the charts over the weekend as usual. Europe was up and Asia lower with the exception of India to finish out the week overseas. It's Friday afternoon and time for a break.