Today was a sideways affair as the Dow fell 140 points on light volume. The advance/declines were positive. The summation index continues lower. Both the NASDAQ and S&P 500 posted gains on the session with the NASDAQ leading the way. The short term indicators for the S&P 500 are beginning to stall so perhaps we'll see some more upside tomorrow. Also some of our shorter term indicators have gotten oversold pretty fast so a bounce is possible. I'm still wary of the market here though as the short term up trend line for the S&P was recently broken on an intraday basis. However things have held up for now and we cannot rule out new all time highs as a possibility either. So I'm back on the sidelines with regards to the SPY options for now. Gold bounced back twenty bucks on the futures. The US dollar was lower and interest rates were slightly down. The XAU fell three points and GDX dropped 1 1/8. Volume was good to the downside. Both GDX and the XAU came up from the worst levels on the day. The gold shares were influenced by the poor earnings report from NEM which drove the gold share complex lower. NEM lost about 15% of it value today. Hopefully that is not a sign of things to come for the gold shares. The short term indicators for GDX have rolled over. Mentally I'm feeling OK. The VIX was lower today as the Bollinger bands continue to tighten. Still below the 20 level here and above the 50 day moving average. I'm not sure where the VIX goes from here. Hence we'll wait until next week to decide what kind of position to take with regards to the SPY options. Asia was lower and Europe slightly higher in last nights trade. We'll close out the trading week tomorrow.