Still waiting for the chance to try the SPY November calls but there is no pullback yet as the Dow gained 56 points on light volume. The advance/declines were negative. The sumation index is moving up. The NASDAQ was by far the best performer on the day and that's a plus. The S&P 500 opened lower and closed higher for a one day upside reversal. But it's now seven days in a row of gains there and some type of pause is due. Not to mention the down trend line at 4400 that has to be negotiated. Plus the continued short term overbought technical condition. So we will be patient and wait for some selling before we try and get the SPY calls ahead of option expiration week. Gold dropped $13 again on the futures. The US dollar was higher and interest rates were a bit lower. The XAU fell 2 3/4, while GDX lost over 1/2. Volume was heavy to the downside but the gold shares did come up from the worst levels on the day. The potential inverse head and shoulders pattern for GDX is still intact for now. It is turning into a more complex pattern which would take longer to resolve. My GDX November calls are solid losers after todays price action. I did place an open order for some GDX December calls today. My thinking is that if that pattern on the GDX daily chart takes longer to resolve itself, I would like to go along for the eventual rise. However a continued drop in the gold shares would change things. Mentally I'm feeling OK. The VIX was a bit lower today and remains short term oversold. During rallies the VIX simply remains oversold. It seems to be pointing to higher stock prices going forward and I agree with that. Asia and Europe were lower with the exception of Germany. We'll keep an eye on tonights headlines.