The Dow rose 63 points today on average volume. Advance/declines were positive. We are overbought. We could stay there however at some point this week there will be a decline in my opinion. Perhaps after the Fed announcement or possibly after the employment report. I don't think that it will last long but it could be tradeable. I do think it will happen. The summation index should turn up today but a decline is in the offing this week. We'll see. Gold continues to defy gravity and rose over $5 today. We are almost at $800. The XAU tacked on another 3 points. ABX was up a buck on heavy volume and NEM barely moved. I would like to short the gold shares. This rally cannot go on forever. My thoughts now are to get some puts after the earnings announcements on Wednesday but before the Fed announcement later in the day. It's a risky play but how much longer can we stay extremely overbought? Not much in my opinion. Boeing announced a share buyback and was up a buck on heavy volume. I can get out of that trade with a small profit now. We are overbought here but the indicators have further to go. What other good news can drive this stock? If we decline this week as expected, BA will go with it. Perhaps the options can be bought back cheaper. Or you just hold on until expiration, expecting the overall uptrend in these shares to continue. These are the questions that you face. I'm holding on for now but that could change at any time. GE was up a bit on light volume. Nothing new to report there, a waiting game for the time being. Mentally, I did not sleep well. I'm at a crossroads here where I think we will get a decline soon but the overall trend will resume to the upside. How to play that is the question. There is still plenty of time left in this option cycle. At this point I just might let the Fed meeting pass and go from there. But I am thinking about some OEX puts. Tomorrow should be a waiting game and that is probably the best course of inaction at the moment.