A mixed bag on a summer Friday as the Dow gained 235 points on good volume. The advance/declines were positive. The summation index is moving lower. The NASDAQ lost over 150 points, while the S&P 500 had a very slight rise. As long as the NASDAQ continues to lead the way lower I don't see any sustainable rallies in the near future for the overall market. I could be wrong but probably not this time around. Some of the short term indicators on the S&P are beginning to stall and others are moving lower. Not yet completely short term oversold here. The market remains in headline risk mode and at the mercy of the US/Iran conflict. Gold was up five bucks on the futures. The US dollar finished flat and interest rates had a small bounce up. The XAU and GDX had slight fractional moves one way or the other on very light volume. The short term indicators for GDX are stalling at the mid-range level. I still like the idea of the GDX calls going forward. However the lack of volume in this space still shows that there isn't much trading interest here at the moment. Summertime might have something to do with that along with a negative fundamental picture right now for the precious metals. It could be that sideways price action is the most we can expect from this group for now. I'll take another look at things over the weekend. Mentally I'm feeling OK. The VIX was slightly lower today. The short term indicators here are hanging around and I'm not sure what to expect from this indicator next. I'll be checking out the charts over the weekend as usual. We've got a Fed meeting next week along with some inflation data so things should get interesting. Asia lower and Europe higher to close out the week. It's Friday afternoon and time for a break.