We had a huge gap higher at the open but spent the rest of the day sideways to lower. The Dow gained 419 points on heavy volume. The advance/declines were around 3 to 1 positive. The summation index is moving up. The NASDAQ led the way higher and that's a plus. The S&P 500 came within thirty points of the down trend line at 5500 but backed off. I canceled my open order for the SPY May calls. The short term signals for the S&P are barely turning up with room to go. I will try and project the option premiums if the S&P makes it to 5500 and place an order tomorrow for the SPY May puts. However with the summation index now moving higher it is entirely possible that the S&P 500 will exceed the down trend line and head for the 50 or 200 day moving averages. The trading is never easy. Gold got clobbered today with the futures off over a hundred bucks. The US dollar was higher and interest rates ended mixed. The XAU dropped 3 3/4 and GDX lost 1 3/8. They did finish up from their worse levels on the day though. Volume was good to the downside once again. The short term indicators for GDX still have a ways to go before getting to oversold. We will be patient on trying the May calls there for now. The near term up trend line for GDX is all the way back at 42. I'm not sure we will get there. There is support at 46 and the 50 day moving average comes in at 44. Mentally I'm feeling a bit tired. The VIX was lower today. The short term indicators here are heading down but are not yet oversold. Ideally the VIX will continue lower and the S&P will get to 5500. Then I will have to make a decision about taking on the next trade. Volatility is still the rule as we saw with todays intra-day swings. Asia and Europe were higher overnight. We'll keep an eye on this evenings developments.

Back to the upside as the Dow roared ahead by 1016 points on good volume. The advance/declines were 10 to 1 positive. The summation index is trying to turn up again. It looks like my idea of stocks retesting the recent lows isn't going to happen soon as I had planned. My open order for the SPY May calls is still out there but another session like today and I'll most likely cancel it. The short term indicators for the S&P are mid-range and trying to turn up. Maybe we will make it back to the daily down trend line on the S&P. It's going to have to happen sooner or later. Gold had quite a reversal today as it zoomed up past $3500 overnight only to reverse and close lower. The futures lost $37. The US dollar was higher and interest rates ended mixed. The XAU dropped 3 1/3, while GDX shed 1 3/8. Volume was good on the decline. The short term indicators for GDX are starting to roll over but it's still overbought. I'd like to try the calls for GDX if it gets short term oversold again or falls to areas of support. There is not hurry as gold went parabolic and that usually does not end well. Mentally I'm feeling OK. The VIX was lower today and that fits with an up market. The short term indicators are mid-range or lower but not oversold yet. The VIX is hanging on the Bollinger band mid-range line. A break below would be a positive for stocks. Asia and Europe were generally higher overnight. We'll see what tomorrow brings.

Sellers took over to begin the week as the Dow fell 971 points on average volume. The advance/declines were around 6 to 1 negative. The summation index is in a sideways pattern. Once again a last hour push higher kept things from being worse. Both the Dow and NASDAQ led the way down. The short term indicators for the S&P 500 have rolled over with room to go. Plenty of earnings due this week and of course the ongoing tariff headlines along with Trump tirades. So there will be excuses for price movement. I still like the idea of the SPY puts if we ever make it back to the daily down trend line there. But that might require an unknown waiting period. At the rate things are going it could be a while. I'm now considering the SPY calls on a test of the recent lows around 4850 on the S&P. I did place an open order for some SPY May calls today, projecting what they may cost if we get a drop that far. I'm leaving the order out there. Not sure how this idea will pan out but we'll have to see how the rest of the week goes. Gold was up over a hundred bucks to day to a new all time high. The US dollar continues to drop and interest rates finished mixed. The XAU gained 1 1/2 and GDX added about 3/4. Volume was good for the gold shares but you would expect more of a price pop considering the move in gold. Gold itself has gone parabolic and certainly won't go straight up forever. Trying to predict the top is a guessing game though. Mentally I'm feeling OK. The VIX was higher today but not a much as you would expect. Perhaps the market is getting used to huge swings one way or the other. The short term indicators here are trying to turn back up. Still above the 30 level on the VIX as volatility is the rule. Tough trading environment. Asia was higher with the exception of Japan and Europe was mainly closed to start the week. I'll keep an eye on the overnight headlines.

It was a pretty uneventful option expiration day though the Dow did lose 519 points on good volume. The advance/declines were around 3 to 1 positive. This should turn the summation index higher. The overall market did much better than the Dow, with the S&P 500 posting a slight gain and the NASDAQ showing a slight loss. Much of teh Dow loss was due to a drop in UNH. The short term indicators for the S&P are still hanging around the mid-range level heading into a long weekend. I'm still in the camp of waiting for a good technical signal before trying the next trade. I also still like the idea of trying the SPY puts if and when the S&P makes it back to the daily down trend line. We'll be rolling into the May option cycle so premiums will be high. Gold was off a dozen or so on the futures. The US dollar finished flat and interest rates ticked up. The XAU lost about 3 3/4, while GDX shed almost a point. Volume was a bit above average. GDX remains short term overbought. Let me emphasize that gold and the gold shares have gone straight up recently and that condition cannot last. A pullback or sideways consolidation are long overdue. Gold itself is overbought on whatever time frame you choose. GDX is very far from its 50 day moving average, much more than usual. I do like the gold shares calls but not until they at least return to oversold levels. Not sure when that will happen but it will. Mentally I'm feeling OK. The VIX was lower today and the short term indicators are trying to trend down. I'm not sure where the VIX heads from here. The markets will be at the mercy of whatever news pops up during the three day weekend. I will take that time to go over the charts and try to figure out what trade to take on next. Asia up and Europe down overnight. It's Thursday afternoon and time for some rest.

The market rolled back over today as the Dow fell 699 points on good volume. The advance/declines were negative. The summation index is in a sideways trend. It would have been worse but we got a last half hour bounce, perhaps option expiration related. We are at the mercy of the next announcement of tariffs or trading barriers. That makes for an even tougher trading environment. The NASDAQ led the way down and that is not a plus. The S&P 500 opened with a gap lower and never looked back. The short term indicators here are starting to roll over. We are heading into a long weekend and I doubt we'll see a lot of buying tomorrow with all the uncertainty around. I could be wrong. I'll try and wait for at least some kind of decent technical signal before attempting the next trade. Gold soared up over $100 on the futures. The US dollar was lower and interest rates wandered higher. The XAU was up 4 1/3 and GDX gained 1 1/3. Volume was good as gold and the gold shares continue to attract capital. However they are both short term overbought and heading higher in a staight line. I'll do my best not to chase this rally for now. Mentally I'm feeling OK. The VIX was higher today which fits a down market. The short term indicators here are trying to turn back up. If successful it will mean lower stock prices in the near term. At this point we'll get through tomorrow and take it from there. Asia was mixed and Europe generally higher overnight. We'll close out the trading week tomorrow.

Sideways was the theme for the day as the Dow fell 155 points on average volume. The advance/declines were positive. The summation index is beginning to track sideways. The Dow was the leader to the downside as both the NASDAQ and S&P 500 posted small losses. The short term indicators for the S&P remain at mid-range. For me at this point it's a waiting game as I would like to try the SPY puts on a return to the down trend line. Whether or not the market makes it back there is the question. If the S&P forms a decent bottom on the daily chart that down trend line might not hold prices. There is no reason to attmept a trade this week with only two days left in the April option cycle. Gold was up $18 on the futures. The US dollar was higher and interest rates finished flat. The XAU added 1 1/4 and GDX was up 1/2. Volume was light for a change here. GDX is short term overbought. We are in a wait and see mode here. Mentally I'm feeling a bit tired. The VIX was a bit lower today which doesn't fit with a weaker market. The short term indicators on the VIX are trying to trend lower. Ideally the VIX would continue down and stocks continue up to the daily chart down trend line and we try the SPY puts. Markets rarely cooperate. Europe and Asia were up overnight. We'll see what tomorrow brings.

The short trading week started on an upbeat note as the Dow gained 312 points on good volume. The advance/declines were 4 to 1 positive. This should stall the summation index. The market did finish off of the highs for the day. The S&P 500 was the leader. The short term indicators there are mid-range so things could go either way from here. I'm waiting to see if we can make it back to the down trend line at 5600 in order to try the SPY puts. Don't think that we'll get there this week. Doubt I'll be trying anything here with only three days left in the April option cycle but you never know. Gold dropped $16 on the futures. The US dollar continues to fall and interest rates dipped. The XAU rose 1 3/4 and GDX added 1/4. Volume was average. GDX is short term overbought. I'll wait for a pullback here as GDX is both short and medium term overbought. There seems to be no shortage of money that wants to be in gold though. Mentally I'm feeling OK. The VIX was lower today which fits an up market. The short term indicators here are pointing down at the mid-range level. The VIX is still above 30. I'd expect it to move lower as stocks move higher in the near term. However we are at the mercy of the next tariff headline and that makes for tough trading. Perhaps the most we can hope for is some sideways price action before the next trend gets going. Europe and Asia were higher to begin the week as well. We'll keep an eye on the overnight trading activity.

Moving higher to end the week as the Dow gained 619 points on heavy volume. The advance/declines were better than 2 to 1 positive. The summation index is still moving lower. The NASDAQ led the way higher. The short term indicators for the S&P 500 remain mid-range. I expect that the recent lows on the S&P will hold for a while. It will take time for the medium term indicators to work their way up from blown out oversold levels. However there is a down trend line in effect at 5600 for the S&P. If we can get back to that, I'll try the SPY puts. Option expiration week is on tap and it is a day less with a holiday next Friday. So with only four days left in the April option cycle the risk is probably more than I want to endure. Gold continued its great week as the futures added another seventy bucks to a new all time high. The US dollar was lower and interest rates were higher. The XAU gained 10 3/4 and GDX was up 2 1/2. Volume continued on the heavy side for the gold shares. Gold and the gold shares are moving straight up now and are pretty far from their 50 day moving averages. I do still like the idea of the gold share calls but will have to wait for some kind of rest or pullback before attempting the May calls there. GDX just went up over 20% in a week and that isn't something that usually occurs. We cannot project that type of performance out into the future. When things go straight up thay can also go straight down so we don't want to be long if that happens. However money has poured into gold and it's entirely possible that will continue given the geo-political backdrop. Mentally I'm feeling OK. The VIX was lower today and that fits with an up market. The short term indicators here are mid-range with some moving sideways. Not sure what's next for the VIX but it remains elevated so volatility should continue. We are also in a headline risk atmosphere more than usual that goes both ways. Being nimble and taking no big chances are still some of the ideas to remember. I'll be going over the charts as usual this weekend but probably not planning any short term trades for next week. Asia was mixed and Europe generally lower to close out the week overseas. It's Friday afternoon and time for a break.

Sellers returned today and that wasn't unexpected as the Dow fell 1014 points on very heavy volume. The advance/declines were 8 to 1 negative. The summation index continues lower. A lighter than expected inflation report didn't matter as we had a gap down at the open. The NASDAQ led the way lower. The short term indicators for the S&P are starting to roll over. I did place an order for some April SPY puts overnight but it wasn't filled. I canceled the ticket this morning. The S&P did not make it back to the down trend line in place but yesterdays huge jump was out of the ordinary and more selling was to be expected. I do not think we will be taking out the recent lows here as the medium term indicators are blown out to the downside. Sideways would be a step in the right direction but if we do make it back to the down trend line for the S&P I'll try the puts there. Volatility is the rule for now and option premiums are expensive. Gold jumped over $100 on the futures today. The US dollar was lower and interest rates finished mixed. The XAU gained 6 1/4 and GDX was up over 2 1/8. Volume remains heavy for the gold shares as money contiues to flow here. I canceled my open order for the GDX May calls because GDX has moved over 10% in two days and the order has no chance of being filled. I still like the gold shares despite the recent jump and will try for the May calls here again on a pullback. The short term indicators for GDX are moving up and still have room to go. GDX is medium term overbought as well but we cannot deny the interest in this sector. Mentally I'm feeling OK. The VIX bounced around today. It made it up to almost 55 before dropping back and finishing around the 40 level. The short term indicators on the VIX are stalling near the mid-range level. I'm not sure what's next for the VIX. Anything goes in this level of volatility. Pay attention, be nimble and don't risk a lot at this moment in time. Europe and Asia were higher overnight with the exception of India. We'll cose out a wild week on Wall street tomorrow.

An explosive rally took place today as the Dow took off halfway through the session when it was announced that tariffs would be put on hold for some countries for ninety days. So we can all do this again in three months? The most watched index gained an unprecedented 2962 points on extremely heavy volume. The advance/declines were 15 to 1 positive. The summation index is still heading lower. The NASDAQ gained 12% in one day. The S&P 500 was up almost 10%. Plenty of buying and short covering to be sure. The short term indicators for the S&P turned back up and made it to mid-range in a day. It looks like the longer term up trend line that came in at 5000 is going to hold for now. Medium term indicators on the market had gotten blown out to the downside, so some kind of turnaround was due. But all in one day? It is a volatile environment so don't be surprised if the S&P is down a couple hundred points again in the near future. The down trend line for the S&P is at 5600 and if we get there I'd certainly think about trying the SPY puts. Gold blasted off as well as the futures were up $120. The US dollar finished flat and interest rates ticked up. The XAU was up 14 points, while GDX climbed 3 3/8. Volume was heavy to the upside. It looks like I've missed the GDX call trade again but I'm leaving my order for the May calls out there. The price swings for stocks and commodities are so huge right now that you really have to be nimble and just take quick profits or losses. It goes without saying that the risks right now are much higher than usual. Mentally I'm feeling OK. The VIX collapsed and dropped over 18 points. The short term indicators are heading down with room to go. So it appears that 60 will be the top for this extended move higher on the VIX. A huge rally in the market out of nowhere is a characteristic of a falling market. We certainly saw that today. However since the medium term technical indicators were so extended to the downside it doesn't mean that we are going to turn around and make lower lows right away. Those indicators will have to rise before they can fall again. I certainly don't think we are going back to new all time highs anytime soon but what do I know? Asia was mixed and Europe down overnight. I'd expect foreign markets to rally tonight. We'll keep an eye on overnight headlines.

Another volatile day on the street as we opened with a big gap higher only to give it all back and then some. The Dow fell 320 points on very heavy volume. The advance/declines were 3 to 1 negative. The summation index is heading down and past the zero line as things have fallen apart. A late 15 minute bounce kept things from closing lower. The NASDAQ led the way down. As long as that continues it will be hard to get things to calm down. The S&P 500 continues to flirt with the longer term up trend line at 5000 and today closed just below it. It is important for the bulls for this line to hold. The S&P remains short term oversold. I'm looking for some kind of bounce here but todays certainly didn't hold. Getting ready to call a bear market for the S&P 500 if it closes below 4920. If the 5000 level doesn't hold we'll get there. No SPY trades for now as the volatility has gotten out of hand. Gold was up $25 on the futures. The US dollar was lower and interest rates finished mixed. The XAU lost 1 1/2 and GDX ended the day flat. Both finished well off of the highs for the session. Volume was average. GDX is now short term oversold. I'm leaving my order for the GDX May calls out there. The gold shares continue to follow the moves of the overall stock market. Mentally I'm feeling OK. The VIX bumped back up today and closed above 50. The short term indicators remain overbought. I thought the top for the VIX would be the 60 level we recently hit but that might be wrong. Volatile times to be sure. Can't rule anything out at this point I guess. Look for opportunities but remember that the risks here are higher than normal. Asia and Europe were both higher overnight. I'll keep an eye on this evenings developments.

Trying to stabalize things here but the Dow still fell 349 points on very heavy volume. The advance/declines were 4 to 1 negative. The summation index continues down towards the zero line and will pass through it decisively tomorrow. We had another huge gap down at the open and then traded all over the place with sharp gains and sharp losses. The overall market did much better than the Dow with the NASDAQ barely ending the day in positive territory. The S&P 500 had only a slight loss. It is now short term oversold on the indicators that we use. At one point today it was in bear market territory but closed above that. A lot of questions about what comes next without any clear answers. We are seeing a big volume washout here in my view so the downside from here could be limited for now. That doesn't mean there will be some kind of strong rally back to the highs from here. The up trend line of the bull market from October 2022 lies at 5000 and it still intact for now. Will it hold up for the rest of the week? We'll see. Gold got clipped over fifty bucks on the futures. The US dollar was a bit higher and interest rates went up. The XAU and GDX finished with fractional moves one way or the other on good volume. The gold shares bounced around following the overall market. I did place an overnight order for some GDX May calls and it wasn't filled. I'm leaving it out there. I don't think that I'll try the April calls for GDX but I could change my mind. Mentally I'm feeling a bit tired. The VIX made it all the way up to 60 today before falling back. I think that will be the high for this round of volatility. It still reads in the forties as we have seen things fall apart. The VIX is short term overbought on what we look at and I'd be surprised if it gets back to the 60 level here soon. I'm not saying that stocks can't go lower from here but some kind of pause in the decline looks to be in the works. I could be wrong. Asia got crushed and Europe clobbered to begin the trading week overseas. We'll see what happens on Tuesday.

We went from tariff tantrum Thursday to free fall Friday as stocks got clobbered again. The Dow fell 2231 points on extremely heavy volume. The advance/declines were 10 to 1 negative. The summation index is moving down. The NASDAQ made it to bear market territory as it has now fallen over 20% from its recent all time high. Since it is usually the leader we can expect the S&P 500 to join it. That level for the S&P is 4920, which is below the longer term up trend line at 5000. At the rate things are going we'll get there on Monday. Today was the high volume very negative day wash out that we look for in declines such as this. Usually over the weekend the powers that be figure out how to prop things up near term so it doesn't get any worse. That is what we'll be looking for at some point on Monday. The S&P 500 is short term oversold but heading straight down on the daily chart. If it can't hold up at 5000 the next support is at 4675-4600. The 200 week moving average and another area of support comes in at those levels. It is unfortunate not to own some SPY puts here however option premiums have exploded. We have been down this road before and opportunities will continue to present themselves. Gold dumped $64 on the futures. The US dollar was higher. Interest rates were barely lower and finished well off of their lowest levels for the session. The XAU crashed over 17 points and GDX fell 4. Volume was extremely heavy in a downside blow out. The short term indicators for GDX are moving lower with room to go. The up trend line for GDX that had been in place since the beginning of the year was broken. GDX now lies just below the support of the 50 day moving average. The lower Bollinger band support is at 41. The 200 day moving average is at 38.5. I still like the gold share calls because in market declines like this everything gets sold as margin calls must be met with whatever you have that is worth something. I will be looking at the GDX May calls over the weekend as the potential next trade. Perhaps the GDX April calls as well but we'll see. Mentally I'm feeling OK. The VIX shot up again and closed at the 45 level. The short term indicators are overbought. The VIX usually does not stay at high levels for very long. That said, in this decline there is no telling where the VIX may end up. There will be plenty of work to do over the weekend to try and come up with a game plan for next week. Staying on the sidelines until things settle down is a choice as well. It is a worldwide head for the exits as overseas markets got smashed too. China was on holiday. It's Friday afternoon and time for a break.

The market threw a tariff tantrum today as stocks suffered huge losses. The Dow fell 1679 points on very heavy volume. The advance/declines were 7 to 1 negative. This will turn the summation index back down and on its way to the zero line. The tariffs that perhaps were going to give us some clarity instead have created even more uncertainty. The was a giant gap down at the open and stocks never came back. The NASDAQ fell over 1000 points or 6% for the session. It led the way lower. The S&P 500 lost roughly 275 points. The previous near term lows were taken out. The short term indicators here are moving back lower with room to go. Not sure how low we'll go here on the S&P. There is some support at 5200 and the longer term up trend line that began at the bottom in 2022 comes in at 5000. Either target is in play as is looks like we'll be going through the zero line on the summation index. The down trend line on the S&P daily chart is still in charge. Gold dropped $37 on the futures but did come back from the worst levels on the day. The US dollar was lower along with interest rates. The XAU fell 3 points, while GDX ended the day flat. Volume was good. They both ended up from their lows as well. I did place an order overnight for some GDX April calls but canceled it before the bell when GDX was about to open 4 1/2% lower. I did try again for some calls later in the day but my order wasn't filled. The short term indicators for GDX are starting to trend lower. However money is still finding a home in gold and I'd like to try the calls here if GDX can get back to its up trend line that began in January. One caveat is that GDX is both short and medium term overbought. However it can stay that way during rallies and we are in one now for gold. Mentally I'm feeling OK. The VIX jumped today and closed at the 30 level. The short term indicators are now moving up and getting to overbought territory. The daily candlestick chart that I thought was going to go lower has completely turned around. You can expect more volatility in the days to come and I'm not sure how high the VIX will go. Tomorrow we've got the employment report and then a speech by the Fed chairman. So it should be a wild end to the trading week. Still two weeks to go in the April option cycle. However option premiums are high and the environment is even more uncertain than usual. There will be opportunities though. Europe and Asia sank overnight. We'll close out the week tomorrow.

A back and forth session ahead of the after the bell tariffs news but the Dow managed a gain of 235 points on average volume. The advance/declines were better than 2 to 1 positive. This should turn the summation index back up. The NASDAQ led the way again today and that remains a positive. The short term indicators on the S&P 500 are now trending higher. The S&P remains below its 200 day moving average and the short term down trend line. However I am still more inclined to believe that we'll be heading higher in the near term. I could be wrong. Once we get past the tariff event there's still the jobs report on Friday to deal with. Gold was up $18 on the futures. The US dollar was lower and interest rates ticked up. The XAU was up 5/8 and GDX finished flat. Volume was light. GDX has trended sideways for a week. The daily candlestick chart here looks like it wants to go higher though GDX remains short term overbought. I'm still on the side of waiting until it returns to the short term up trend line at 43 before trying the calls here. Mentally I'm feeling OK. The VIX was a bit lower today. The short term indicators here are now at mid-range. So it appears the VIX is poised now to move either way. The daily candlestick chart here still looks like it wants to move lower. We'll see how the markets react to the tariffs details and take it from there. Asia was generally higher and Europe down overnight. Tomorrow should be interesting.

Waiting on the tariffs as the Dow dropped 11 points on average volume. The advance/declines were positive. The summation index is still trending lower. The NASDAQ was the leader today and that is a plus. I'm getting the feeling that we have at least put in a short term low here and we'll challenge the short term down trend line on the S&P soon. The short term indicators for the S&P 500 are trying to turn up. It looks like weakness today should have been bought but we'll have to see what tomorrow brings. But it is possible that for now the market is sold out. Gold finished flat on the futures. The US dollar ended flat as well, while interest rates were slightly lower. The XAU and GDX had slight fractional moves one way or the other on light volume. The short term indicators for GDX remain overbought. We'll see how gold reacts to what comes out of the tariff news tomorrow. Mentally I'm feeling OK. The VIX was a bit lower today. Some of the short term indicators here are starting to move sideways. I'm still thining that the VIX will move lower and stocks higher in the near term. One thing that the market does not like is uncertainty. Getting the tariff news out of the way will take care of some of that. So I would not be surprised if we see some buying tomorrow regardless of what the tariffs are. We'll see. Europe and Asia were higher with the exception of India. We'll see how things go tomorrow.

Most of the major stock averages made tremendous comebacks today as we opened with huge gaps lower and then spent the rest of the session moving higher. The Dow gained 417 points on heavy volume. The advance/declines were barely positive. The summation index is trending lower. The NASDAQ was the laggard today as it did not make it back to positive territory. The S&P 500 retested the recent low this morning and it has held for now. There is a new short term down trend line in place there that comes in around 5750. Some of the short term indicators for the S&P are starting to turn back up. The question now is have we put in a bottom with the successful retest of the lows or will things roll over again? The summation index heading to the zero line implies that we might fall apart here. However todays sharp comeback says that perhaps we've put a double bottom in. Always plenty of questions in this game. Gold was up over forty bucks on the futures to another all time high. The US dollar was a bit higher and interest rates finished flat. The XAU and GDX had fractional gains on average volume. The gold shares finished well up from their lows on the session. GDX remains short term overbought as it has been for the last three weeks. Perhaps we should just chase the gold shares higher here as money continues to flow into this sector. But I'm inclined to at least wait until it falls back to the near term up trend line. Mentally I'm feeling OK. The VIX finished a bit higher today and the short term indicators are still moving up. The daily candlestick chart on the VIX shows a black candle for today and it could be a near term top. That would mean lower VIX readings for the near future and higher stock prices. However we do have Trumps tariffs on Wednesday and the employment report on Friday. Plenty for the markets to digest this week. At this point I'm not sure what the next trade will be. Asia and Europe started the week on a down note. We'll see how things go in the overnight session.

Stocks got clobbered today as the Dow fell 715 points on good volume. The advance/declines were 4 to 1 negative. The summation index is turning down. The inflation data was slightly worse than expected. We started with a gap lower and never looked back. The NASDAQ led the way down and that is not a plus. The S&P 500 dropped over 110 points as we are headed towards a retest of the recent lows. At this rate they will not hold. The short term indicators for the S&P have rolled over, are heading down and have room to go. Getting pretty far from the 50 day moving average again here but that may not matter. If the summation index continues to the zero line it will get ugly. How do we trade it from here is the question. Gold was up over twenty bucks on the futures. The US dollar was lower along with interest rates. The XAU fell 2 points and GDX lost 1/8. Volume was average. The gold shares opened higher and closed lower for a downside reversal. Perhaps today will lead to a pullback for GDX and maybe we'll get to try the GDX April calls. A move back to the near term up trend line might give us a chance. Mentally I'm feeling as though I'm missing out on opportunity here but the option premiums are so high that taking a chance now is expensive. Missed money is better than lost money they say. The VIX zoomed higher today and is back above 20. The short term indicators here are now moving higher with room to go. We've got Trump tariff news in the middle of next week which should provide even more volatility. Not sure exactly what to expect there. Plenty of work to do over the weekend as I try and develop some type of trading plan for next week. Europe and Asia were both down to finish the week as markets always know more than we do. It's Friday afternoon and time for a break.

The market is trying to figure out what to do here as the Dow fell 155 points on average volume. The advance/declines were negative. The summation index is moving sideways. There was a gap lower at the open and the rest of the day was spent moving back and forth from negative to positive territory. I'm not sure what will happen next so it will be the sidelines for now regarding the next trade. Inflation data out tomorrow. The short term indicators for the S&P are moving sideways or heading lower. The short term up trend line is still in place but another negative session would put and end to that. Gold was up $47 on the futures to a new all time high. The US dollar was lower and interest rates finished mostly flat. The XAU was up 3 3/8, while GDX added a point. Volume was light. The potential evening star on the GDX daily candlestick chart turned out to be invalid as GDX has now closed above it. Still short term overbought on GDX and staying that way. Getting pretty far from the 50 day moving average here again. Mentally I'm feeling OK. The VIX was up today and closed on its 50 day moving average. Still short term oversold on many of its indicators. Not sure what we'll see next here for the VIX. Europe and Asia were lower with the exception of Japan. We'll close out the trading week tomorrow.

Sellers had the upper hand today as the Dow fell 132 points on average volume. The advance/declines were shy of 2 to 1 negative. The summation index is beginning to stall. The NASDAQ was by far the weakest today and that is not a plus. The S&P 500 has stalled at its 200 day moving average. The short term indicators here are beginning to turn lower. Could the bounce off of the recent lows be over? Time will tell on that. The short term up trend line for the S&P is still intact. Not in a rush to do any trade here so we'll watch and wait for now. Gold dipped $3 on the futures. The US dollar was up today and interest rates were slightly higher. The XAU was down 1 7/8 and GDX lost 1/3. Volume was pretty light. The short term indicators for GDX are still overbought and now trending sideways as the gold shares try to figure out what's next. Mentally I'm feeling tired. The VIX was higher today which fits a down market. The short term indicators are turning up from oversold territory. This implies higher volatility and lower prices to come. The VIX is still below its 50 day moving average and during up swings it can stay oversold for a while. So the jury is still out on what the VIX means here. Perhaps we'll get better clues tomorrow. Europe was mostly lower and Asia higher with the exception of India overnight. I'll keep an eye on tonights developments.

It was a day of consolidating yesterdays gains as the market simply treaded water and moved sideways on the session. The Dow rose 4 points on good volume. The advance/declines were negative. The summation index is trending higher. The NASDAQ continues to be the outperformer. The S&P 500 had a slight gain as the short term indicators continue to move up. I'm waiting on a some kind of techincal signal to attempt the next trade. Not sure how long that will take. No hurry as the option premiums are high since we just rolled into the April cycle. Gold was up $9 on the futures. The US dollar was slightly lower as were interest rates. The XAU was up 2 7/8, while GDX added 3/4. Volume was light. The gold shares finished off of their best levels on the day. The daily candlestick chart for GDX has a potential shooting star top in place after today but we'll have to wait and see where things go from here for that to be valid. Mentally I'm feeling OK. The VIX was down and closed below its 200 day moving average. The short term indicators here are oversold but can stay that way during rallies. Not sure what's next here for the VIX but there is an up trend line that comes in around 16 which is a point away. I'm leaning towards trying the SPY April puts if it gets above 580 and the short term indicators are overbought. Hasn't happened yet. Europe and Asia trended higher with the exception of the Hang Seng. We'll see where things go tomorrow.

A huge gap up at the open and the market never looked back as the Dow gained 598 points on good volume. The advance/declines were around 3 to 1 positive. The summation index is trying to get some upside momentum. The NASDAQ was the leader and that is always a plus. We had plenty of medium term buy signals and today verifies that. The S&P 500 finally broke through the short term down trend line that was in control since mid-February when the decline began. Interesting that stocks waited until after option expiration to get things going. The short term indicators on the S&P are moving higher with room to go. It closed above the 200 day moving average with the 50 day as the next resistance. We never did get a retest of the lows. I'll wait for the next decent technical signal before entering the next trade. Can we just keep moving up here and on to new all time highs? Anything is possible in the marketplace but I'm not counting on that scenario. Gold was off $8 on the futures. The US dollar was higher along with interest rates. The XAU was flat and GDX dropped 1/4. Volume was light. GDX remains short term overbought with the indicators trending sideways. No trades here for now. Mentally I'm feeling a bit tired. The VIX was lower today and now is firmly below the 20 level. The short term indicators are oversold. The VIX closed below its 50 day moving average with the 200 day in sight. I'd be surprised if the VIX turns around and heads back over 20 right away but anything goes in this game. Asia was generally higher and Europe slightly lower to begin the trading week. We'll keep an eye on tonight headlines.

We had a pretty dramatic one day reversal today with a huge gap lower at the open only to claw our way back for the rest of the session to eventually eek out a small gain. The Dow added 32 points on expiration heavy volume. The advance/declines were around 2 to 1 negative. The summation index is tracking sideways to higher. Once again volatility ruled the day. The NASDAQ led the way back. The Dow was off 500 points in the morning. The S&P 500 managed a minor gain as the short term indicators are moving up. The opening gap down killed my SPY March call options. Having a stop limit order in place didn't matter as the opening premium for the options was well below the limit price. It turned into a 95% loss overnight. I really don't do well on the short term trades. The only saving grace was that there wasn't a lot of money involved since I never have much success on the short term deals. The short term down trend line is still in effect for the S&P but I'm pretty sure that won't last much longer. Some of our medium term indicators are flashing buy signals so some kind of rally should be at hand. Gold was off $18 on the futures. The US dollar was higher and interest rates finished flat. The XAU fell 2 1/4, while GDX lost 2/3. Volume was about average. The gold shares finished up from their worst levels on teh day. Mentally I'm feeling disappointed as you would expect with a losing trade booked. The market certainly doesn't care and you've got to move on from it. The VIX again finished lower from the best levels of the day and is below the 20 level. Some of its short term indicators are oversold. I'm not getting a good idea of where the VIX is heading next. Still above both the 50 and 200 day moving averages there. Plenty of work to do over the weekend as we roll into the April option cycle. Europe and Asia finished Friday lower with the exception of India. It's Friday afternoon and time for a break.

Volatility took over today as we opened with a huge gap down, came all the way back to show a nice gain only to fall back again and then drift in the final hour. The Dow lost 11 points on good volume. The advance/declines were negative. The summation index is tracking sideways. The NASDAQ and S&P 500 posted small losses. The S&P 500 is finding stiff resistance at the short term down trend line that comes in around 5700. It has tried and failed three times there this week. This is something that I did not expect as perhaps things are weaker than they seem to me. The short term indicators are moving sideways on the S&P. I'm still holding on to the March SPY calls but with only a Friday trading session left this trade is now looking like it won't work. It's now showing a loss. We'll see how things go tomorrow. Gold was up a dozen on the futures. The US dollar was higher and interest rates finished flat. The XAU and GDX were both little changed on very light volume. GDX remains short term overbought. Mentally I'm feeling OK. The VIX bounced around but ended the day barely lower. Some of its short term indicators have reached oversold territory. I'm not sure what's next for the VIX. Not sure what's next for the market but with that down trend line holding on perhaps we're in for a retest of the recent lows. That would kill my SPY call trade tomorrow. However markets go where they want so we'll have to wait and see. Europe and Asia finished lower with the exception of India. Expiration Friday on tap.

It was an upside day from the start as the Dow gained 383 points on good volume. The advance/declines were shy of 3 to 1 positive. The summation index is trying to turn back up. The Fed came and went with no surprises. It could have been a better day but we sold off in the last hour. The NASDAQ led the way and that's a plus. The short term indicators for the S&P 500 are trying to turn back up but not there yet. I did leave an order out there for the SPY March calls overnight but it wasn't filled this morning. I once again adjusted it and it got filled. The entry timing is obviously off as yesterday would have been a better entry. Only 2 days left in the March option cycle so this idea is full of risk. It is showing a small profit but the premium is way below its best level on the session. I plan on holding it into Friday as of right now. Gold was up $16 on the futures. The US dollar was higher and interest rates ended a bit lower. The XAU was up 1 1/4 and GDX rose 1/3. Volume was light. Still short term overbought for GDX on the daily indicators. Mentally I'm feeling a bit tired. The VIX was lower today and closed just below 20. The short term indicators are reaching the oversold territory but not completely. I'm still not sure what to expect next for the VIX. I'm in the next trade now and that will require all of my attention. Might put in a limit order to sell and see if it gets hit tomorrow. However holding out until Friday seems like the better plan at the moment. More than the usual amount of risk though. Asia and Europe ended mixed. We'll keep an eye on tonights headlines.

Back to the downside as the Dow fell 260 points on good volume. The advance/declines were negative. The summation index is beginning to trend sideways. The NASDAQ led the way lower and that is not a plus. The short term indicators for the S&P 500 are trying to turn lower. We had a gap lower at the open today and then spent the rest of the session in a sideways pattern. I did place an overnight order for the SPY March calls but it wasn't filled. I adjusted it higher during the session but still no fill. I'm leaving it out there overnight. We'll get the Fed tomorrow and that should get things moving one way or the other. I'm still a believer in the short term March call trade. Gold was up $37 on the futures. The US dollar was a bit lower as were interest rates. The XAU was up 1 1/8 and GDX added 1/4. Volume was average. The gold shares did finish off of their best levels on the day. GDX has gotten pretty far from its 50 day moving average and remains short term overbought. Mentally I'm feeling OK. The VIX was up today and remains above the 20 level. The short term indicators here are trying to turn back up. Not sure what's next on the VIX. Only 3 days remain in the March option cycle. The trading here will be risky and the premiums are still high. Europe and Asia were higher in last nights trading. I'll keep an eye on the overnight developments.

More buying today as the Dow gained 353 points on heavy volume. The advance/declines were 4 to 1 positive. The summation index is attempting to turn around here at the zero line. I think that it will be successful. I did place an order for some SPY March calls overnight but it wasn't filled. Weakness can be bought now in my view. Stocks got blown out to the downside and this expiration week should be positive. The short term indicators for the S&P have turned back up although still on the oversold side of things. A retest of the recent lows should be successful. If not then we would expect a complete unraveling of things. However I don't expect that this time around. The short term down trend line here comes in at 575 which is also about where the 200 day moving averge is. I'm pretty sure that getting some index calls this week should be profitable. We'll see. Gold was up $7 as the futures are above $3000. The US dollar was lower and interest rates finished flat. The XAU was up 4 3/4, while GDX climbed almost a point. Volume was light. GDX is short term overbought and staying there. Gold and the gold shares continue to attract capital and that cannot be ignored. Mentally I'm feeling OK. The VIX was lower again today but is still above the level of 20. The short term indicators here are heading lower. My goal for the week is to buy some SPY March calls on weakness within the next couple of sessions. It will be a short term trade which isn't my strong suit. The Fed on Wednesday is the main event for now. Europe and Asia were higher to start the week. We'll see how it goes tomorrow.

We got a huge bounce today as the Dow climbed 674 points on good volume. The advance/declines were 5 to 1 positive. The summation index is still moving down. There was a gap up at the open and the market never looked back. The NASDAQ was the leader and that's a plus. However every up day that we've seen in this recent decline has been met by selling in the following session. So we'll see what happens on Monday. It would not be a surprise for the market to put in some kind of bottom here as it tries to hold on at the zero line of the summation index. The S&P 500 remains short term oversold but the indicators have turned up. Options expiration week will be upon us along with a Fed meeting. Something that could factor into where things go is the open interest in the SPY puts which happens to be very heavy. Are the market makers prepared to book all those losses? It is an argument to try the SPY March calls next week. I'll consider this idea over the weekend. Short term trades are not usually an area that I do well in and that has to be taken into consideration too. Gold finished flat on the session. The US dollar was a bit lower and interest rates a bit higher. The XAU was up 1 1/2 and GDX added 3/8. Volume was a bit above average. The gold shares followed the overall market higher. GDX remains short term overbought. Mentally I'm feeling OK. The VIX continued lower today and the short term indicators are moving down. Will the VIX continue to fall and make it back below the important level of 20? Or will it turn back up as the market continues to fall? This is something that we'll have to watch closely next week. I'll be checking the charts over the next two days to try and come up with some type of game plan for next week. Europe and Asia finished higher with the exception of India. It's Friday afternoon and time for a break.

Still moving lower as there is no bounce to be found. The Dow fell 537 points on heavy volume. The advance/declines were better than 2 to 1 negative. The summation index continues lower as the zero line approaches. The inflation data was mild and it didn't matter. Oversold, staying that way and the S&P chart looks like a straight line down. We've reached and exceeded the dwonside technical objective for the S&P 500 based on the daily chart. So we are in dangerous territory at a chance of even more collapse than we've already seen. Not your normal trading environment so I'll have to sit on the sidelines for now with regards to the S&P. If we ever do get a snapback to the down trend line, I'll consider a trade there. Gold hit a new all time high on the futures as it was up $50. The US dollar was higher and interest rates were lower. The XAU gained 4 1/3, while GDX ws up 1 1/4. Volume was good to the upside. GDX is now short term overbought but not completely so. Perhaps I'll try the calls there in the next six days as money is continuing to flow into this sector. But the ideal time for the GDX call trade has long passed. Mentally I'm feeling OK. The VIX was barely higher today. Not sure what that means. The short term indicators have stalled but remain on the overbought side. We are in the kind of game now where money does not want to be in US stocks. I'm not sure how much longer this will last. The technicals are blown out to the downside and we can't even get more than a one day advance. If the zero line on the summation index is breached we will have some type of collapse. So we've got to be extra careful with what we do right now. Europe and Asia were generally lower overnight. We'll close out the trading week tomorrow.

A little bit calmer price action than we've seen lately as the Dow fell 82 points on heavy volume. The advance/declines were positive. The summation index is moving down. The overall market fared better than the Dow with both the NASDAQ and S&P 500 posting gains for the day. We got a signal from the McClellan oscillator last night for a big move within the next two trading sessions. However we've had some pretty big moves without this signal lately so I don't know how much validity we can place with it this time around. The inflation data came in lighter than expected but we didn't get a huge market reaction. The S&P remains short term oversold here. PPI data tomorrow. I'm still in the camp of waiting for a move back to the short term down trend line in the S&P to try the SPY March puts. We are certainly overdue for some kind of rally attempt but markets go where they want. Gold was up twenty bucks on the futures. The US dollar was a bit higher and interest rates ticked up. The XAU was up 1 1/3 and GDX added 1/8. Volume was light. I'm back on the sidelines regarding GDX for now. Mentally I'm feeling OK. The VIX was lower today which fits with the overall market advance. The short term indicators here have turned back down but that hasn't meant much lately. Running out of time now in the March option cycle but we do have the Fed next week which should get things moving one way or the other. It looks like a short term bottom may be in on some of the major indices daily candlestick charts. But unless we move higher tomorrow it will just be another fake out in the decline. So the price action on Thursday will be telling. Europe was higher and Asia generally lower overnight. I'll keep an eye on tonights developments.

The market tried to gain some traction today but failed again as the Dow fell 478 points on very heavy volume. The advance/declines were negative. The summation index continues lower. The Dow led the way down and that's not the worst scenario. The NASDAQ fell the least and if you're bullish you could point to that. The S&P 500 remains short term oversold and pretty far from its 50 day moving average. I'm not sure just how much longer this will go on. Inflation data tomorrow will be a mover one way or the other. The short term down trend line for the S&P now comes in at 5800. I still like the idea of trying some puts if it ever bounces back to that line. The mood on the street is so bearish that some kind of snap back rally is inevitable. However we are getting closer to the zero line in the summation index and crossing that would spell even more trouble. Interesting times. Gold was up $24 as it made back what it lost yesterday. The US dollar was lower and interest rates were higher. The XAU gained 5 7/8, while GDX was up 1 1/4. Volume was average. The short term indicators for GDX have turned back up. My open order for the GDX March calls wasn't filled and I canceled it. I still like the gold share calls here but will not pay up for them as the option premiums remain high with 8 days to go in the March option cycle. Needless to say this trade was missed as was the SPY put idea. Mentally I'm feeling OK. The VIX was lower today despite a drop in stocks which doesn't fit. Perhaps it is telegraphing a bounce tomorrow for the market. The short term indicators remain overbought for the VIX. The volume in the market continues to be robust as traders head for the exits. Usually these types of declines have some sort of heavy volume washout as the selling gets exhausted. We'll be keeping an eye out for that. Europe and Asia were lower overnight. I'll keep an eye on tonights headlines as we await the reaction to tomorrows inflation data.

Stocks got pounded lower today as the Dow lost 890 points on very heavy volume. The advance/declines were 4 to 1 negative. The summation index is moving down. Traders are heading for the exits. It could have been worse but we got a last hour bounce. The Dow was off over 1000 and the S&P was down 200 points. The NASDAQ continues to lead things lower and that is a negative. We met the 5600 level for the S&P today which was what we were looking for. Does that mean that the decline is over? Perhaps but the S&P 500 remains short term oversold and staying that way. If we have a double top on the Dow its measuring objective woould be 3000 points lower at 39000. The S&P broke therough its 200 day moving average today. There is a lot of negative price action for stocks right now. Inflation data on tap for Wednesday and Thursday. We never got a snap back in the S&P to the short term down trend line to try the SPY puts. That could still happen but the question is whether or not we'd like to try it. The summation index is heading to the zero line and we've got to hope that holds or things could get really crazy. Gold lost $24 on the futures. The US dollar was slightly higher and interest rates dipped. The XAU fell 5 1/3 and GDX lost 1 1/8. Volume was average. I put in an overnight order for the GDX March calls but it wasn't filled. I adjusted it and am leaving it out there. The short term indicators for GDX have rolled over with room to go. I'm not exactly sure this is the right idea here but we'll see. Mentally I'm feeling OK. The VIX was higher and almost hit 30 today. The short term indicators remain overbought. I'm not sure how much longer the uptrend here can last but it has been impressive so far. Volatility rules for now with lower stock prices the result. Not sure what to expect next because we've only been able to have one day rallies for the past 2 1/2 weeks. The sidelines hasn't been a bad place to be but owning puts would have been better. Europe and Asia were down with the exception of Japan. We'll see how things go tomorrow.

Bouncing around today and perhaps trying to put in a short term bottom? The Dow gained 222 points on heavy volume. The advance/declines were positive. The summation index is heading lower. The jobs report was a bit weaker than expected but it did not seem to matter to the market. We hit the lows for the session about halfway through and rallied back the rest of the day. The NASDAQ led the way back and that's a plus. The S&P 500 is still short term oversold and staying there. It did manage to hold at the 200 day moving average again and that's why I think a bounce here is due. Ideally if it could make it back to the short term down trend line I'd like to try the SPY puts there. Markets rarely cooperate. That line now comes in at 5875. It was a tough week to be long stocks. Gold was off $8 on the futures. The US dollar finished a little lower and interest rates were a bit higher. The XAU was up about a point and GDX added 1/4. Volume was light. I did place an order for the GDX March calls overnight but it wasn't filled and I canceled it. The short term indicators for GDX are still heading higher with room to go before reaching overbought. I'll reconsider this idea over the weekend. Mentally I'm feeling OK. The VIX was lower today and remains short term overbought. Still above the 20 level and pretty far from its 50 day moving average. Not sure what happens next with this indicator. Two weeks to go in the March option cycle and I anticipate making some kind of trade within that timespan. Volatility is the key here and the trading has to be nimble for success. We'll see if I'm up to the challenge. I'll be going over the charts this weekend as usual. Asia and Europe were lower on the last trading day of the week. It's Friday afternoon and time for a break.

The selling continues as the Dow fell 427 points on heavy volume. The advance/declines were better than 2 to 1 negative. The summation index is moving down. The NASDAQ continues to lead the way lower and that remains a negative for stocks. The S&P 500 lost over 100 points again as it trys to hang on at the 200 day moving average. The short term indicators here are still oversold. Not sure what's next with the employment numbers due tomorrow. Still hoping that the S&P can make it back to the down trend line that now comes in at 5900 so that we can try the SPY March puts. The market is not cooperating though and it appears that the 5600 target will be reached first. Getting pretty far from the 50 day moving average on the S&P. Gold was off $8 on the futures. The US dollar was just a bit lower and interest rates finished mixed. The XAU fell 1 2/3, while GDX shed around 1/3. Volume was light. GDX remains in an uptrend and I might place an order in for the March calls overnight. Mentally I'm feeling OK. The VIX was up and is well above the 20 level which means increased volatility. We are certainly seeing that. The short term indicators remain overbought as they have been for about a couple of weeks. This is a rare occurrence for the VIX lately as it usually stays extended on the oversold side. But this can happen in stock market declines which is where we find ourselves. The NASDAQ is also pretty far from its 50 day moving average and already below its 200 day moving average. It has been almost a straight line down here and some kind of snapback is overdue. The long term uptrend line here comes in at 17400. If for some reason that level didn't hold we would be in bigger trouble than we are now for the bulls. Asia and Europe were higher overnight with the exception of the FTSE. We'll see how the market reacts to the jobs numbers tomorrow.

Some upside for a change as the Dow gained 485 points on heavy volume. The advance/declines were 2 to 1 positive. The summation index continues lower. The NASDAQ led the way and that's a plus. The short term indicators for the S$P 500 remain oversold. The game plan for now is to see if the S&P can make it back to the down trend line at around 5925. That would be the spot to try the SPY March puts if we still want to go that way. The 200 day moving average on the S&P has held the decline so far. There is also the possibility that the decline has ended because a lot of the indicators are blown out to the downside. The trading is never easy. We'll see what things look like if and when we make it back to short term down trend line. Gold was up $11 on the futures. The US dollar had a huge drop and interest rates were higher. The gold shares outperformed the metal as the XAU jumped 6 2/3, while GDX was up 1 3/8. Volume was slightly below average. The short term indicators for GDX are moving higher. Another missed trade here as I placed the orders for the GDX March calls recently but none were filled. My lack of making the proper adjustments was the main factor. Mentally I'm feeling frustrated as markets are moving and we are not taking advantage of it. The ideas have been relevant but the lack of correct trading tactics has kept us from meeting trading objectives. The VIX was lower today and the short term indicators have turned down. This implies that we should see higher stock prices but in this market, who knows? The daily candlestick chart also appears to have put in a short term top at the least. Still above the 20 level though. We'll see. Jobs data on Friday is looming. Asia and Europe were higher overnight. I'll keep an eye on the overnight headlines.

It was almost a one day upside reversal as the market sold off hard early on, moved higher for much of the rest of the session to get back into positive territory only to collapse again in the final hour. The Dow lost 708 points on very heavy volume. The advance/declines were better than 3 to 1 negative. The summation index is moving lower. The NASDAQ held up the best today and that should be a positive going forward. But we are on shaky ground. The S&P 500 made it down to its 200 day moving average and bounced from that level. It is important for it to hold on here but our measuring objective from the double top is still 5600. The short term indicators for the S&P remain oversold. There is a down trend line in place now on the daily chart. If we could somehow make it back to that line it would give us a chance for the SPY March puts. But it looks like that ship has sailed and I missed it. High option premiums have kept me on the sidelines. Gold was up $27 on the futures. The US dollar was lower and interest rates finished mixed. The XAU gained 1 1/4 and GDX was up 5/8. Volume was lighter than average. I did place an overnight order for the GDX March calls but it wasn't filled and I canceled it. The short term indicators for GDX have turned back up and it looks like I've missed this trade as well. Still plenty of time in the March option cycle but you've got to nimble in fast markets which is where we find ourselves. Mentally I'm feeling OK. The VIX finished higher but off from the highest levels on the day. The short term indicators remain overbought which isn't how the VIX usually operates. It is another indicator pointing out the trading environment that we're in. Not sure what to expect tomorrow. Perhaps I'll be able to take some kind of position ahead of Fridays employment report. Europe and Asia were lower too as it's a worldwide wave of selling at the moment. We'll keep an eye on the overnight developments.

Volatility with a vengeance today as the Dow fell 649 points on heavy volume. The advance/declines were better than 2 to 1 negative. The summation index is trending lower again. The NASDAQ continues to lead the way down and that's a negative. The S&P 500 opened higher and closed lower for a one day negative reversal. It dropped over 100 points. The short term indicators are oversold and staying there. The premiums on the SPY March puts were very high and I did not purchase any. It is probably too late for that idea now as the bounce only lasted for a day. I'm still looking for 5600 as a downside target on the S&P. Gold was up fifty bucks on the futures. The US dollar was lower and interest rates continue to drop. The gold shares started out positive but then followed the overall market lower. The XAU dipped 7/8 and GDX finished flat. Volume was light. GDX remains short term oversold but not completely. I will probably put in an order tonight for the GDX March calls again. This may be the way to try something in the March option cycle where the option premiums aren't overpriced because of the volatility in the overall market. But we'll see. It's fluid situation as usual. Mentally I'm feeling OK. The VIX was higher today and closed above the 20 level. Still short term overbought with a little room left to go higher. The VIX rarely stay overbought for long. That tells you that we are not in the usual market conditions and that the decline has legs. If the summation index starts to really turn down, the zero line will be upon us. If that happens the drop will be greater than the 5600 level that I'm looking at. I'm not sure what's next but we will be paying attention. Europe was up and Asia genrally higher to begin the trading week. We'll see how things go tomorrow.

We finally got the overdue bounce today as the Dow climbed 601 points on pretty heavy volume. The advance/declines were better than 2 to 1 positive. The summation index is trying to stop moving down. Stocks were going nowhere until deciding to take off in the afternoon. The inflation data came in where expected. The NASDAQ led the way up today and that is a plus. However today is what we were looking for as a big rally came out of nowhere. It certainly doesn't mean that the decline is over in my view but it could be. Options premiums are still high for the SPY but I am looking to buy the March puts at some point next week. The short term indicators for the S&P have turned back up. I do not think that they will get to overbought before turning lower again. Gold fell $32 on the futures. The US dollar was higher and interest rates continued to fall. The XAU and GDX had fractional gains coming up from their lows on the day as they followed the overall market higher. I did place an order for the GDX March calls overnight but it wasn't filled. My hope is that the gold shares will fall again with the overall market and we'll get another chance at this idea. It now looks like support for the gold futures comes in at $2800. That would be the spot to try the gold share calls. Mentally I'm feeling OK. The VIX made it above 22 today only to fall back below the 20 level by the close. Some of the short term indicators are heading lower. Not sure where the VIX is heading next but I do not think that the decline in stocks is over. I could be wrong. It was quite a volatile week and there will be plenty of work to do going over the charts this weekend. We did get the bounce we were looking for in a very oversold market today. Will it have any staying power going into next week? Always plenty of questions in this game. Asia was down and Europe barely higher to finish the week overseas. It's Friday afternoon and time for a break.

We got a signal last night from the McClellan oscillator for a big move and we got that today in the overall market. The Dow only lost 193 points on heavy volume. The advance/declines were 2 to 1 negative. The summation index is moving down. The S&P 500 was off over 1 1/2%, while the NASDAQ slid 2 3/4%. We had a short term buy signal that failed and the market did not bounce despite being oversold. This spells trouble with a capital T. When markets don't bounce as they should that is a sign of extreme weakness. Things could very well get real ugly tomorrow if the inflation data comes in strong. I'm hoping that it doesn't collapse right away as I would still like to try the SPY March puts on any kind of bounce higher. The broader picture has the S&P in a double top with a measuring objective to the downside of at least 5600. The NASDAQ weekly chart looks like it has put in a huge distribution channel over the past few months. That spells lower prices to follow. There's plenty of time in the March option cycle. In these types of declines there is usually a very strong up day that comes out of nowhere only to resume the decline to lower prices later. That is what we'll look for. Gold fell almost fifty bucks on the futures. The US dollar was higher and interest rates finished flat. The dollar rose as a haven but gold sold off. My guess is that gold was sold to meet margin calls because in declines you've got to sell what's worth something to cover things. The XAU lost six points and GDX dipped 1 3/8. Volume was average. GDX is almost short term oversold. The GDX March calls look like thay could be the next trade. The problem being that if the market tanks it will take the gold shares with it. That said, I might just place an order overnight for the calls and see what happens. Ideally I'd like to see GDX get down to 38 but it is almost to its lower Bollinger band and may simply stop declining there. We'll see. Mentally I'm feeling OK. The VIX turned around and shot higher today to finished above the important 20 level. That was not what the daily chart implied in my view as I was wrong there. Almost completely short term overbought here and another day like today would do it. There is room for the medium term indicators to go higher though. Sellers have the upper hand right now and we should not try and fight that. Asia was genrally higher and Europe lower overnight. Looks like it will be a fasten your seat belts kind of Friday to end the week.

Another mixed bag today as the market tried to rally early in the session only to sell off once again. The Dow fell 188 points on good volume. The advance/declines were even. The summation index continues to trend lower. The NASDAQ managed a small gain while the S&P 500 finished flat. As much as I prefer the SPY puts, we do have a buy signal on one of our short term indicators. Some of the short term indicators for the S&P are oversold but not all. Tomorrows price action will most likely depend on the reaction to the NVDA earnings report released today after the bell. I'm thinking that perhaps any weakness tomorrow could be bought for a short term trade but I'm not sure I want to try that ahead of Fridays inflation data. But I can certainly make a case for getting some SPY March calls for a short term trade. Gold was up a dozen today on the futures. The US dollar was slightly higher and interest rates a bit lower. The XAU climbed 3 points and GDX added 1/2. Volume was light. The short term indicators for GDX are trying to turn around after not reaching short term oversold. I would like to try the GDX calls at some point during the March option cycle. Mentally I'm feeling OK. The VIX was lower today and remains below the 20 level. The short term indicators are trying to roll over. If successful that would fit with a bump higher for stocks which would make buying the SPY calls here the right idea. But they haven't turned around completely just yet. The daily candlestick chart here certainly looks like a top has formed on the VIX but markets go where they want. We also have to gauge the tone of the market here and it has definately changed to negative. We don't know the reasons but the markets always know more than we do. Europe was up and Asia generally higher overnight. I'll keep an eye on tonights developments.

A mixed picture today as the Dow rose 159 points on heavy volume. The advance/declines were positive. The summation index is trending lower. Both the NASDAQ and S&P 500 posted losses on the session with the NASDAQ once again leading the way down. The market did manage to finish up from the lows on the day though. Due for some kind of bounce tomorrow in my humble opinion. The S&P is now below its 50 day moving average. The short term indicators here are mixed as some are oversold and some aren't. We have also seen a lot of put buying recently so on a contrarian basis a move higher would not be out of the question. Our dilemma is to figure out if any buying is sustainable or just a bounce. I'm still thinking about the SPY March puts but we may have to wait in order to purchase them. Gold dropped $38 on the futures but came up form the lows on the day like the overall stock market. The US dollar was lower along with interest rates. The XAU was off 2 1/4, while GDX shed about 2/3. Volume was average. The short term indicators for GDX are heading lower with room to go. The daily candlestick chart here has the potential of putting in a bottom today but potential is not fact. Still above the 50 day moving average here. I do like the idea of the GDX calls but am not sure of the entry timing. I will try and wait for the indicators to reach oversold and that could take some time. I do believe that there is till an appetite for gold. Mentally I'm feeling OK. The VIX was higher today but did finish back below the 20 level. The daily candlestick chart here looks like it wants to turn around and head lower. The short term indicators are not yet completely overbought. The VIX is in the vicinity of where it has turned around in recent behavior. That would put a floor on stocks here if the recent behavior continues. Always plenty of questions in this game. Europe finished mixed and Asia generally lower last night. We'll see what tomorrow brings.

The market tried to rally today but failed as the Dow rose 33 points on heavy volume. The advance/declines were slightly negative. The summation index is heading lower. The overall market was down with the NASDAQ dropping 1 1/4%. The S&P 500 dipped around thirty points. The short term indicators here are heading lower with some already oversold. I'd like to try the SPY March puts here but the market may not give us a chance. The NASDAQ leading the way down here is a big negative in my view. NVDA earnings are out after the bell on Wednesday which should move things one way or the other with some gusto. There is inflation data due out on Friday. I suppose we'll wait and see if there is some kind of bounce this week and try to get the puts if that happens. Gold was up a dozen on the futures. The US dollar finished little changed as did interest rates. The XAU rose 1 1/8 and GDX inched up over 1/8. Volume was light. The short term indicators for GDX are getting to mid-range and beginning to stall. I still like the GDX March call idea but don't know if it will turn around here or wait until it gets fully oversold. If stocks continue to drop the gold shares could follow. The trading is never easy. I'll reconsider this trade overnight. Mentally I'm feeling OK. The VIX got above the 20 level today but then pulled back. The short term indicators here are getting to overbought but are not there yet. The VIX closed above its upper Bollinger band so a move lower tomorrow for it would not be out of the question. That would be a boost for stocks. However the tone of the market has changed here and it appears that sellers have the upper hand for now. Asia finished lower and Europe was mixed to begin the final week in February. We'll keep an eye on the overnight developments.

Sellers took over today and the market got clobbered. The Dow fell 748 points on expiration heavy volume. The advance/declines were around 3 to 1 negative. The summation index is beginning to turn down. Not sure exactly what happened today but the techncial landscape has changed. The NASDAQ led the way down and that is not a plus. The S&P 500 dropped 1 3/4% and back to its 50 day moving average. The short term indicators here have now rolled over, heading lower with room to go. We will have to figure out if today was expiration related or the beginning of something sustained to the downside. I'm inclined to think that it's the latter but we'll have to go over things this weekend to be sure. Gold was off $7 on the futures. The US dollar was a little higher and interest rates dropped. The gold shares followed the overall market lower. The XAU fell 6 2/3, while GDX dropped 1 1/2. Volume was good to the downside. Today GDX broke through the up trend line that had been in place since thestart of 2025. The short term indicators here are now moving lower with room to go. If GDX gets to short term oversold I'm going to try the calls here. I don't think that traders have lost interest in gold yet as the metal itself continues to attract capital. Ideally if the stock market tanks and takes GDX with it that would be the time to purchase some gold share calls. However the market rarely cooperates with your best laid plans. Mentally I'm feeling OK. The VIX jumped up today and closed on its upper Bollinger band. The short term indicators have moved up from oversold. I thought that the VIX would continue lower from here and that was wrong. Not sure what to expect next here as we don't know if today was a one day wonder of the beginning of something real to the downside for stocks. I'll go over the charts this weekend to try and come up with a near term game plan for next week. Rolling into the March option cycle. Europe was mixed and Asia higher with the exception of India to finish the week. It's Friday afternoon and time for a break.

An early sell off this morning but it was followed by buying for the rest of the session. The Dow fell 451 points on good volume. The advance/declines were negative. The summation index is beginning to trend sideways again. There seems to be a worldwide exit from equities for the past couple of days but not so much in the US. The Dow led the way lower today and that's not the worst case scenario. The S&P 500 remains short term overbought. I'm still in the process of considering what the next SPY option trade will be. Expiration Friday on tap and moving to the March option cycle early will have high premiums. Waiting on a decent technical signal to get the next idea. This is one of those times where you just got to have some patience but that isn't always easy. Gold was up $16 on the futures. The US dollar was lower and interest rates were slightly down. The XAU gained 2 3/4 and GDX up up about 3/4. Volume was light. GDX remains short term overbought. NEM reports earnings after the closing bell. I might consider the GDX puts again in the March option cycle. GDX remains pretty far above its 50 day moving average. Mentally I'm feeling OK. The VIX was up today but off of the highest levels on the session. Remaining short term oversold but the daily candlestick chart still looks like it wants to go lower. For now it looks like the VIX has support at 14.75 that it can't get through for lower readings and higher stock prices. We'll keep an eye on what occurs going forward. Expiration Friday will be a toss-up as usual. Asia was down and Europe mostly lower overnight. We'll close out the week tomorrow.

Drifting higher as the Dow gained 71 points on good volume. The advance/declines were negative. Another new all time high for the S&P 500. It remains short term overbought and still up against the upper Bollinger band. That is why I don't expect any sharp move higher for now but we'll see. Also the negative breadth today along with a drop in the TRAN could mean that we'll see some actual selling tomorrow. But it is option expiration week so anything goes. Gold finished flat on the session. The US dollar was a bit higher and interest rates were little changed. The XAU was fractionally lower and GDX finished unchanged. Volume was light. The short term indicators for GDX have moved a bit lower but remain overbought. We haven't seen any follow through selling to Fridays losses so that's a plus for the bulls. However not following gold back up in the short term raises some questions. We'll look to the March option cycle here but not sure which way to go. Mentally I'm feeling OK. The VIX was slightly lower today. Still short term oversold. The daily candlestick chart here looks like that it wants to go lower which would be bullish for stocks. Only a couple of trading days left in the week and we are remaining on the sidelines. I'm still waiting for some kind of decent technical signal to attempt the next trade. We will not try an force things for now. Europe finished down and Asia was generally lower overnight. We'll see how it goes tomorrow.

Sideways trading action to begin the short week as the Dow rose 10 points on good volume. The advance/declines were positive. The summation index is still trying to move higher. There were slight gains in most of the major averages today. The S&P 500 did manage to close at a new all time high. It remains short term overbought and at the top of the Bollinger bands. I still think that the S&P will move higher from here but it won't be anything resembling robust. I could be wrong. Expiration week with not a lot of market data to digest. No SPY trades in mind at the moment. Gold futures gained back the fifty bucks that they lost on Friday. The US dollar was higher along with interest rates. The XAU added 2 points and GDX was up 1/2. Volume was average. Considering the rise in the price of gold, the gold shares didn't move much. I'm not considering the GDX February puts anymore as that opportunity looks like it was just a one day affair. It appears that I won't be making any trades in the February option cycle unless something out of the ordinary occurs. Mentally I'm feeling OK. The VIX was a bit higher today despite a lack of price movement in stocks. It remains short term oversold. The VIX remains below both the 50 and 200 day moving averages. Not sure what's coming next here for the VIX. No clear tecnnical signals for a trade right now so we'll have to remain patient. Not the easiest thing to do sometimes but that is where we are. Asia finished mixed with Europe higher overnight. I'll keep an eye on tonights headlines.

A day of hanging around before a long weekend as the Dow fell 165 points on average volume. The advance/declines were positive. The summation index is still trying to head higher but stuck in a sideways crawl. The NASDAQ posted a gain on the session while the S&P 500 finished basically flat. The S&P is still short term overbought and is now up against the upper Bollinger band on the daily chart. I still think that we'll be moving higher from here so I did not purchase any SPY February puts heading into the weekend. That idea was simply insurance against any kind of surprise over the 3 day weekend. I could make a technical case for it as well but decided not to. Not to mention that there are only 4 days left in the February option cycle. My track record on the short term trades is not very good. Gold got clobbered today as the futures fell fifty bucks. There was also a dramatic one day reversal in silver. The US dollar was lower along with interest rates again. With both gold and the dollar down it appears that we are seeing an unwinding of the safe haven trade. Although usually a lower dollar is supportive of the price for gold. The XAU lost 6 1/4, while GDX fell 1 3/8. Volume was good to the downside. The short term indicators for GDX have now turned lower. I missed this trade as my orders for the GDX puts weren't filled and I canceled them. I'm not sure if this is the beginning of a sustained move lower for the gold shares or just a break in the ongoing up trend. I'll try and figure things out over the weekend. Mentally I'm feeling OK. The VIX was lower today and closed below the support at 15. Short term oversold but the VIX seems to be implying that it is heading lower. This would fit with my belief that stocks are moving higher from here with new all time highs in the S&P 500 along with the NASDAQ forthcoming. We'll see. An extra day to go over the charts this weekend but it looks like there will be no trades for me in the February option cycle. Asia and Europe ended the week on a mixed note. It's Friday afternoon and time for a break.

The big move foretold by the McClellan oscillator showed up today as the Dow gained 342 points on good volume. The advance/declines were better than 3 to 1 positive. The summation index is once again trying to move higher. The NASDAQ led the way today and that's a plus for the bulls. The inflation data came in about where expected today. The S&P 500 rose 1% and got through the near term resistance short term down trend line. It closed just shy of a new all time high. The short term indicators on the S&P have turned back up. Once we get past the old high there won't be any more overhead resistance. So it appears that we'll be heading higher from here. Volume has also picked up since the beginning of the year which shows there has been plenty of interest in owning equities. Gold was up $28 to close at a new all time high on the futures. The US dollar was lower along with interest rates. The XAU rose 1 3/4 and GDX gained 3/8. Volume was light. I am still looking at the GDX February puts as the next trade but time is running out on this idea with only 5 days left in this months option cycle. The US dollar chart looks like it is about to break down which would also be a plus for gold. However GDX has been short term overbought for over a month now and this cannot go on forever. It is more than overdue for more than a one or two day pullback. Mentally I'm feeling OK. The VIX was lower today and remains short term oversold. The near term support on the daily chart is in the 15 area and we are there now. A break below there would mean higher stock prices and that looks like where we are going. Another idea that I was considering was getting some SPY February puts in front of the long holiday weekend in the US in case we get some surprises over the 3 days that the US market will be closed. It has some techncial merit as we are short term overbought. I'll consider it tomorrow. Asia was mixed and Europe higher with the exception of the FTSE in last nights trade. We'll see how things close out for the week tomorrow.

The inflation data came in hot and the market had a gap down at the open. However as has been the case lately it spent the rest of the session trying to climb out of the hole. The Dow fell 225 points on good volume. The advance/declines were better than 2 to 1 negative. The summation index is back in a sideways mode. The NASDAQ actually had a slight gain on the day. The S&P 500 had a slight loss. We got a signal last night from the McClellan oscillator for a big move with the next two sessions. Perhaps today qualified with the big gap down early but we'll see what happens tomorrow. The short term indicators for the S&P are heading sideways with no clear direction. The Bollinger bands here are starting to contract as well. Something should happen one way or the other before option expiration and I'm still leaning towards the call side. Gold was off $8 on the futures. The US dollar finished flat and interest rates jumped up. The XAU was up 3 1/8, while GDX added 2/3. Volume was average. There seems to be no stopping the gold shares. GDX continues to short term oversold with no break. Overextended and staying that way. Yes, I still want to try the GDX February puts at some point but when that point is may not arrive. Money continues to pour into gold and the gold shares despite the overbought conditions. This has turned into a freight train that you don't want to step in front of. Mentally I'm feeling OK. The VIX was slightly lower which doesn't fit with a down market. It did finish well off of the best levels on the day though. The daily candlestick chart here looks like it wants to go lower which would mean higher stock prices. Still short term oversold for the VIX. To me it appears that the S&P 500 along with the VIX are setting up for something big here soon. Which way is always the question. Europe was up and Asia generally higher overnight. More inflation data out tomorrow. We'll see how that goes.

Hanging around waiting on the inflation data was the story of today as the Dow added 123 points on what passes for average volume lately. The advance/declines were about even. The summation index is barely moving higher. It was a mixed bag as the NASDAQ posted a small loss, while the S&P 500 finished flat. The short term indicators for the S&P are tracking sideways but that should end tomorrow as we will no doubt see price movement off of the inflation report. Which way is always the question and I think that we'll be heading higher. You can make a case for either direction though and with no clear technical signal I'll have to remain on the sidelines here when it comes to the to the SPY options. Gold was off $7 on the futures. The US dollar was lower and interest rates ticked up. The XAU dropped 2 3/4, while GDX slipped 1/2. Volume was light. I did place another overnight order for the GDX February puts but it wasn't filled and I canceled it during the session. GDX remains short term overbought and extended to the upside. I may be too late for this trade if things head south tomorrow on the inflation data. However if the markets rally and gold goes with it, I still might try the GDX puts here. Mentally I'm feeling OK. The VIX ended with a small gain. Still in the short term oversold for some of the indicators. Bollinger bands contracting here and I'm not sure where the VIX goes next. Tomorrow will probably provide us with some answers. Asia was generally lower and Europe higher overnight. We'll see what tomorrow brings.

Moving higher to start the week as the Dow rose 167 points on good volume. The advance/declines were positive. The summation index is trying to turn back up. The NASDAQ led things higher today and that's a plus. The short term indicators for the S&P 500 are starting to turn back up. If successful we should break through the short term down trend line and head on to new all time highs. A lot will probably depend on this weeks inflation data due out on Wednesday and Thursday. We also have the Fed chairman in front of Congress tomorrow and the next day. Plus the ongoing saga of what comes next out of the White House. Sticking with the techncials for the S&P there isn't really any solid signal one way or the other here. I do think that we'll be moving higher though but no SPY trades for now. Gold took off to the upside as the futures gained $47. The US dollar was higher and interest rates finished flat. The XAU climbed 4 1/3 and GDX was up 1 1/8. Volume was good to the upside. GDX remains short term overbought and extended to the upside. The problem here is that during extended rallies this condition lasts for quite a while as we are seeing now. Trying to pick the top is a tough game to play. That said I would still like to try the GDX February puts at some point but it isn't the best idea going forward. However GDX is so far from its 50 day moving average that the upside from here has got to be limited in the near term. I could be wrong. Might place an order for the GDX puts overnight. Mentally I'm feeling OK. The VIX was lower today and is back below its 50 and 200 day moving averages. The short term indicators are still oversold and the Bollinger bands continue to contract. I'm not sure what's next for the VIX. Asia was mixed and Europe higher to begin the trading week. We'll keep an eye on tonights headlines.

The employment data came out mixed and after an initial pop to the upside stocks sold off for the rest of the session. The Dow fell 444 points on good volume. The advance/declines were around 3 to 1 negative. The summation index is beginning to stall again. The NASDAQ led the way lower and that is not a plus. The short term down trend line in the S&P 500 that I expected to be broken to the upside held for now. The short term indicators for the S&P have turned back down. I'm not sure what is next here for the S&P as there is no clear technical signal for a trade. A couple of weeks left in the February option cycle, less one day for a holiday. I will have to remain on the sidelines with regards to the SPY options here for now. Gold was up ten bucks on the futures. The US dollar was higher along with interest rates. The XAU and GDX had fractional losses on about average volume. I did place another order for the GDX February puts but it wasn't filled. I canceled it so it would not sit around over the weekend. I still like this idea as the short term indicators for GDX have turned lower although still short term overbought. The gold shares did follow the overall market today but not drastically. We'll see how things open on Monday morning and go from there. Mentally I'm feeling OK. The VIX was up today which fits the down market. Now above both the 50 and 200 day moving averages. The short term indicators for the VIX are trying to turn back up. The Bollinger bands here are contracting. I'm not exactly sure what the VIX wants to do here. Sometimes it's tough to be patient but I'd like to limit my trades to the best set ups possible. My feel for what is going on here isn't all that clear. I'll be going over all the charts this weekend to try and sort things out. Asia was mixed and Europe lower to end the week. It's Friday afternoon and time for a break.

A mixed bag as we wait for tomorrows employment data. The Dow fell 125 points on heavy volume. The advance/declines were slightly negative. The summation index continues higher. Both the NASDAQ and S&P 500 sported gains on the session with the NASDAQ leading the way. The short term indicators for the S&P have now turned back up and it appears that we are on the way to new all time highs. The S&P is right up against a short term resistance down trend line of a couple weeks. My guess is that we'll break through there tomorrow. Looks like it is too late for the SPY February calls. Gold was off a dozen on the futures. The US dollar finised off a bit as did interest rates. The XAU and GDX had slight fractional moves one way or the other on light volume. GDX remains short term overbought and extended in that direction. I did place an order for the GDX February puts overnight and it wasn't filled. I am leaving the order out there but may change my mind tonight. GDX has been overbought for so long it is hard to go the other way here. But we are getting a signal so we'll see what happens. Markets do tend to stay overbought longer than you think they can but it has been 4 weeks already for the gold shares. Mentally I'm feeling OK. The VIX was lower today. It is short term oversold but not at extremes. I'd expect the VIX to move lower tomorrow if the S&P climbs above the short term resistance. It will be up to the reaction to the employment numbers most likely. Europe and Asia were higher overnight. We'll see how the weeks trading ends tomorrow.

Continuing higher as the Dow gained 317 points on good volume. The advance/declines were better than 2 to 1 positive. The summation index is moving back up. The Dow led the way today. The short term indicators for the S&P 500 are trying to turn back up. I still like the SPY February calls here but we do not have a technical buy signal in place. Trying to remain patient as there is still plenty of time left in the February option cycle. Waiting on the jobs data out on Friday. Gold was up five bucks today and off of its best levels on the session. The US dollar was lower along with interest rates. The XAU gained 4 points and GDX was up a point. Volume here was above average. The short term indicators for GDX remain extremely overbought. I am now considering the GDX February puts. The problem here is trying to pick the top because GDX has been overextended for such a long period of time. However this condition cannot go on forever and there are still over a couple of weeks left in the February option cycle. The other issue is that money has been pouring into gold and there is no indication that it will stop despite todays bearish looking star on the daily candlestick chart here. I'll consider what to do or not do overnight. Mentally I'm feeling OK. The VIX moved lower and is now below both the 50 and 200 moving averages. Not completely short term oversold on the indicators here so there is still room for them to go lower and stocks higher. It is another reason to be cautious about trying the GDX puts here because if the market continues higher it may pull the gold shares with it. The trading is never easy. Asia was mixed and Europe generally higher overnight. I'll keep an eye on tonights developments.

Back again to the upside as the Dow rose 134 points on good volume. The advance/declines were better than 2 to 1 positive. The summation index is trying to turn back up. The NASDAQ led things higher today and that's a plus. The tariff noise took a back seat today. The S&P 500 was higher and is back above its 50 day moving average. Some of the short term indicators here are beginning to head sideways at the mid-range level. I still don't have a clear signal for a trade here but I'm once again leaning towards the calls side for the SPY options. The market has had two gap down sell offs in the past week and a half yet buyers continue to show up. We'll still have to be patient though and wait for a technical signal. Gold was up $16 to a new all time high on the futures. The US dollar was lower along with interest rates. The XAU added 1 3/4 and GDX was up 1/2. Volume was pretty light. GDX has had a nice rally since the beginning of the year but remains very overbought and is due for a rest in my opinion. It does have the uncertainty of what comes next out of Trump in its favor for now. However the techncial overbought condtion for GDX on a daily basis makes trying the calls here too risky. We'll wait for some kind of pullback before thinking about trying any options here. Mentally I'm feeling OK. The VIX was lower today which fits an up market. The short term indicators here have turned back down implying lower volatility and higher stock prices going forward. But again, in this environment we are a sound bite away from dramatic price movement in either direction. Asia was up and Europe generally higher in last nights trade. We'll see how things go tomorrow.