We had one day reversals to the downside for most of the major indices as the Dow fell 31 points on light volume. The advance/declines were slightly negative. The summation index is still moving sideways. A gap up to start the day was followed by sideways rangebound trading until a drop in the final hour. The NASDAQ led the way lower but there was no magnitude to the drop. Players are absent as shown by the very light volume totals. The trading week sems to be on holiday for more than just Friday. The short term indicators for the S&P are heading lower but not at a rapid clip. Perhaps we will simply be in a waiting mode until next week. Gold was up a couple bucks on the futures after being higher early on. The US dollar finished flat as did interest rates. Markets seem to be just waiting around. The XAU had a fractional loss, while GDX finished flat. Volume was very light again. The gold shares were down from their best levels on the session as well. The short term indicators for GDX are now mid-range. I did place an open order for the GDX April calls but it will take some selling there to be filled. My thinking is that GDX is still digesting the good gains that were made and is possibly forming a bullish flag before moving higher through the longer term 31.25 resistance level. If it can drop back below 29 perhaps my open order will be filled. That's the hope right now but we'll adjust our thoughts as the week moves on. It is also possible that GDX is forming a top here and will move much lower. But I'm really not on board with that scenario right now. Mentally I'm feeling OK. The VIX was barely up today and remains short term oversold. Not sure what to expect next from this indicator. A slow week so far and I suppose that will continue. Europe was higher and Asia mixed overnight. We'll keep an eye on tonights headlines.