Trying to stabalize today and the market made a good attempt but then dropped again late in the day. The Dow managed a gain of 81 points on good volume. The advance/declines were 2 to 1 positive. The summation index is beginning to move sideways. GDP came in above expectations. Both the NASDAQ and S&P 500 posted losses on the session. The S&P is now short term oversold on most of the daily indicators. The trend now is obviously lower and we'll wait for the S&P to get back to the near term down trend line or become short term overbought before attempting the August SPY puts. We'll get inflation data reported tomorrow and that should get things moving. Plus earnings as they come out. Would like to see a light volume rally back to the down trend line in a perfect world to try the puts. There is plenty of time left in the August option cycle. Gold was sold and the futures lost over fifty bucks. The US dollar finished flat once again and interest rates were mixed. The XAU dropped 3 2/3, while GDX shed a point. Volume was good to the downside. GDX is almost to the up trend line at 35.5 which is also where the 50 day moving average is. Another down day like today and I'll have to reconsider trying the GDX August calls here. The gold shares are holding up better than gold now. However the longer term charts for gold and silver don't look all that bullish at the moment. Mentally I'm feeling OK. The VIX was up today and that fits with the overall market. The short term indicators remain overbought. Getting closer to 20 but not there yet. How the market reacts to the inflation data will probably be the key to how things go tomorrow. I'm a believer now that rallies can be sold in the overall market. It has already been quite a week but we still have one more day. Asia and Europe were lower with the exception of the FTSE. We'll see how Friday goes.