Kind of hanging around today as the Dow managed a gain of 141 points on better than average volume. The advance/declines were north of 2 to 1 positive. The summation index is still trending lower. The Dow was in the lead once again. The S&P 500 remains short term overbought with its potential negative divergences. We are in a waiting game to try and attempt the SPY February puts. A nice light volume rally from here would do the trick. The market rarely cooperates. Gold was up $9 on the futures. The US dollar was lower along with interest rates. The XAU was up 1 3/8, while GDX added 1/3. Volume was extremely light as there isn't any real interest in owning gold or the gold shares at the moment. My GDX February calls remain mired in the red and we're running out of time in the February option cycle. I don't think that this trade will be saved by some kind of rally in gold so we are in cut the loss mode. Mentally I'm feeling OK. The VIX was lower which fits with todays market action. The short term indicators are now heading south with room to go which implies more near term gains for stocks. We'll see. Asia was mixed and Europe higher in last nights trade. We'll see what tomorrow brings.