Another one day downside reversal as markets opened higher and closed lower. The Dow fell 224 points on heavy volume. The advance/declines were slightly negative. The summation index continues lower. We have had a few one day downside reversals lately and none of them have amounted to more than a day. Eventually that will change. The NASDAQ made it back to positive territory at the close but the S&P 500 had a minor loss. The short term indicators for the S&P are still around the mid-range level and beginning to track sideways. It is a sign of indecision. I'm still looking at getting the SPY August puts ahead of the inflation data next Tuesday. Gold was up $37 on the futures. The US dollar was a bit lower and interest rates a touch higher. The XAU was up 4 1/4 and GDX added 1/2. Volume was average. Short term overbought now on GDX. If we see a move back to 54.5 on GDX we may try the calls there. Mentally I'm feeling OK. The VIX was lower today in a mixed market. The short term indicators appear like that they want to turn back up. That would not be a plus for stocks if it happens. I am probably going to let Friday go by and look to make the next trade on strength at some point on Monday. Asia and Europe were higher overnight with the exception of the FTSE. We'll close out the week tomorrow.