Starting the week off with a mixed picture as the Dow dropped 216 points on light volume. The advance/declines were around 2 to 1 negative. The summation index is moving lower. The NASDAQ posted a gain on the session to a new all time high, while the S&P 500 was flat. The S&P is still on the overbought side for the short term. For now we'll take our cues from the summation index direction. As long as it is heading lower we will be on the lookout for an opportunity to purchase the SPY June puts. Perhaps ahead of the inflation data due out on Friday. Gold was up $25 on the futures. The US dollar finished a bit lower and interest rates were up. The XAU was up 3 7/8, while GDX added over 3/4. Volume was a bit below average. Silver had another big session, up 1.75. The short term indicators for GDX have turned back up. It looks like perhaps I've missed this next move higher for GDX but we'll see. The volume hasn't been as active as it was previously. My open order for the GDX June calls is still out there. However at this rate it won't get filled. Remaining patient for now as there is plenty of time in the June option cycle. Mentally I'm feeling OK. The VIX was up today which fits with the Dow but not the NASDAQ. Not sure what to expect here next but the VIX remains below the mid-Bollinger band level. Negative breadth and a lack of volume are not the most bullish current conditions. Europe and Asia were lower overnight. We'll keep an eye on tonights developments.