Bouncing back today which wasn't unexpected as the Dow gained 127 points on light volume. The advance/declines were around 3 to 1 positive. This should move the summation index back up. The NASDAQ was the leader by far today and that's a plus. The short term indicators for the S&P 500 are turning back up. Are we going back to new all time highs or is this the snap back to the recent broken up trend line? I'm inclined to think that it's the latter but we might take time to build some kind of top here this week. We've got the first look at 2nd quarter GDP along with inflation data out later in the week. Earnings will be coming out as well. I am looking at the SPY August puts. Gold was up a buck on the futures. The US dollar finished flat and interest rates ticked up. The XAU and GDX had slight fractional gains on light volume. The short term indicators for GDX are trying to turn back up. I'm still considering the GDX August calls however GDX isn't close to being oversold on the daily chart. There is plenty of time left in the August option cycle as we have just rolled into it. Mentally I'm feeling OK. The VIX was lower today and its short term indicators have rolled over on the daily chart. Back within the Bollinger bands but still above the 200 day moving average here. I'm not sure what's next for the VIX. For now we'll just keep our eye on things as the week progresses and see if any perceived opportunities arise. Asia lower and Europe higher overnight. I'll keep watch on the evenings developments.