Hanging around today as the Dow gained 182 points on heavy volume. The advance/declines were slightly positive. The summation index is still trying to turn back up. It was a sideways session ahead of the inflation data out tomorrow. The Dow, NASDAQ and S&P 500 all closed at new all time highs but the gains were slight. We are getting a sell signal from one of our indicators after todays price action. The short term indicators for the S&P remain overbought and there is now a potential negative divergence on some. I would not be surprised if we head lower after the inflation data is reported. My open order for the SPY June puts was not filled and I'm leaving it out there. Might be too late now though, we'll see. I still like the idea of having some index puts heading into the weekend however the premiums remain elevated. Gold dropped over fifty bucks today. The US dollar finished flat as did interest rates. Waiting on tomorrows data. The XAU fell around 10 3/4, while GDX lost almost 3. Volume was a bit below average. The short term indicators for GDX are still oversold but it is holding above its 200 day moving average. Not sure where the gold shares are heading next so we are back to watching and waiting here. Yesterday we though that a rally might be starting for GDX but there was no follow through upside today. Mentally I'm feeling OK. The VIX was lower today. The short term indicators here remain oversold. The VIX remains comfortably below the 20 level which gives the all clear for stocks going forward. But we still remain in the bearish camp for the near term as we look for an entry point to try the SPY June puts. Asia was lower and Europe mixed overnight. We'll keep watch on the evenings developments.