My apologies for the late post from Fridays market.  The Dow managed a 10 point gain on very light volume.  The advance/declines were slightly higher.  The summation index continues to the upside.  It was a mixed bag though, as both the S&P 500 and the NASDAQ were lower.  No option expiration fireworks as the market was subdued.  Summer-like conditions prevailed with no volume.  Stocks remain overbought but I do think there is some more room on the upside before we take a breather.  GE was up 1/4 and the volume remained good here.  Earnings next week should be the next catalyst here.  Gold futures were flat but the US dollar had a good day.  The XAU and GDX had fractional losses on light volume.  Which wasn't all that bad considering the rise in the dollar.  Mentally I'm feeling OK.  So we will roll into the August option cycle which contains and extra week.  The option premiums are high.  No hurry to put on a trade.  I expect that things will be quiet for the rest of July even with a Fed meeting towards the end of the month.  Stocks are extended here but there are no reasons to sell at the moment.  My idea now is to wait for some negative divergences and then take a look at the SPY puts.  I really think that it is too late for the calls unless we get a decent short term oversold condition and a buy signal.  But I doubt that is in the near term future.  Patience is paramount for now.  I'll be checking things out over the next couple of days before the Monday opening.  But I think for now the sidelines make sense.  Enjoy the rest of your weekend.