The Santa Claus rally appears to have started a day early as the Dow gained 66 points on light volume. The advance/declines were about even. The summation index is still moving lower. The NASDAQ led the way up and that's a plus for the bulls. The market is in holiday mode as many players are not at their desks. I expect things will be biased to the upside for the time being but we'll see. The short term indicators for the S&P 500 have turned up. Some are at mid-range and others remain on the oversold side. We've just rolled into the December option cycle so premiums are high. I'll be on hold until next year for the next trade unless a really good signal appears before years end. Gold was off twenty bucks on the futures. The US dollar was higher along with interest rates. The XAU and GDX had very slight fractional moves higher on light volume. GDX remains short term oversold. Is it possible that GDX is forming a short term bottom for an attempt at the January calls? Perhaps. Mentally I'm feeling OK. The VIX was down today and the short term indicators continue to move lower. It closed right at the 50 day moving average. I'm guessing the VIX continues lower as stocks go higher in the near term. Tomorrow markets close early on Christmas Eve before a day off on Wednesday. So you can see that there is no hurry to put on a trade. Sometimes you just have to be patient in the game and I believe that right now is one of those times. Asia was generally higher and Europe mixed to start the week. I'll keep an eye on any overnight developments.