Down, up and back down today as the Dow fell 91 points on light volume. The advance/declines were slightly positive. The summation index is still moving down. The NASDAQ led the way lower but it wasn't a steep decline. The S&P 500 remains in a sideways channel. The short term indicators have now turned down for the S&P. Seems like the market is just biding its time here perhaps simply waiting on the outcome of the US election. Or maybe something else is going on below the surface. We'll wait for some kind of technical signal before attempting the next SPY option trade. Gold was up $17 on the futures to a new all time high. The US dollar was lower and interest rates were slightly higher. The XAU lost 2 1/4, while GDX was off 1/2. Volume was light. Gold up and the gold shares down isn't a bullish scenario. Not sure if GDX is forming a bottom here or simply stalling before heading lower. Mentally I'm feeling OK. The VIX was up today and is back above the 20 level. The short term indicators have moved up from mid-range. The VIX implies more selling after todays reading. We'll see. Inflation data due out tomorrow. Europe and Asia were lower last night with the exception of Japan. I'll keep an eye on the overnight developments.