We did not see follow through selling today but instead got an oversold bounce as the Dow gained 288 points on light volume. The advance/declines were negative. The summation index is moving lower. The jobs report came in weaker than expected. The NASDAQ led the way up but we are in a precarious market position. We do not know if today was just a reaction to relieve the oversold market condition before we head lower or if the decline will end here at the 50 day moving average on the S&P. We are in short term oversold territory on the S&P 500 so you can make the case either way. However todays price action cannot be construed as positive, since the early gains were sold off for the rest of the session. I did place an overnight order for the SPY November calls but it was not filled. I think that I still like this idea but from lower levels on the S&P if we get them. Gold was off five bucks on the futures. The US dollar was higher along with interest rates. The XAU lost almost 2 points and GDX dipped 1/2. GDX is now short term oversold which is what I've been waiting for to consider the calls here again. A call trade on GDX has worked the last three times it got short term oversold in the previous three months. There is nothing to say that it won't work again this time around. GDX is right on its short term trend line though. A break below here would make me want to reconsider this idea. Mentally I'm feeling OK. The VIX was lower today and some of the short term indicators have turned down. The rise in the VIX did stop at the recent previous levels during the past couple of months. This is another vote for higher stock prices moving forward and trying the SPY November calls next week. That's not to say that the VIX can't simply turn back up and stock prices continue to move lower. The techncial evidence at the moment though suggests that isn't going to happen. There will be plenty to ponder going over the charts this weekend. Asia was mixed and Europe higher to close out the week. It's Friday afternoon and time for a rest.