The drift higher continues as the Dow gained 71 points on average volume. The advance/declines were slightly positive. The summation index is trying to move higher but continues to track sideways. The earnings report from NVDA was about in line with estimates but it guided lower going forward. Markets shrugged it off. This is a market that wants to go higher. The Dow and S&P 500 closed at new all time highs. The S&P simply continues to remain short term overbought. Will the inflation data tomorrow bring some selling? We'll see. I adjusted my open order for the SPY September puts to a closer to the money strike price. I still like this idea but the timing will have to be spot on. Now I'm looking at perhaps the beginning of next week to put this trade on but we'll see what happens tomorrow. Gold was up $30 on the futures. The US dollar was lower and interest rates generally finished little changed. The XAU was off over a point and GDX lost 1/4. Volume remains light here. The gold shares have started to underperform the metal itself lately and that is not a positive. GDX remains short term overbought. Mentally I'm feeling OK. The VIX was lower today. It remains short term oversold but not completely. If and when it gets there we will take a harder look at the SPY puts. For now I'd probably just take letting tomorrow go by and head to next week after a long weekend. But it will be up to the market activity on the inflation news. Asia and Europe were mixed overnight. We'll close out the trading week tomorrow.