Back to the upside today as the Dow gained 117 points on light volume.  The advance/declines were positive.  The summation index is still in a sideways trend but leaning lower.  Just how long we continue this light volume levitation is the question in my mind.  I'm looking at the SPY September puts now.  As always timing is the key and with this slow summer market atmosphere it doesn't get any easier.  It's probably best to let the August expiration pass and then look to make a trade.  That's the idea for now.  GE barely moved but the volume came back to life.  Still holding above the 50 day moving average.  Gold fell $8 on the futures as the US dollar was higher.  The XAU and GDX had slight fractional losses on very light volume.  Mentally I'm feeling OK.  The light volume drift upward continues.  New all time highs for several of the major stock indices.  Not a lot of press about it though.  Until we get some sort of negative divergence on the technical indicators, the best place for me is on the sidelines.  I do not expect some kind of significant upside rally from these levels at the moment.  The environment is summer doldrums levels of inactivity.  I'll look for the small stocks to stop leading the way higher for a clue as to when this thing is about to roll over.  For now patience is still the right choice.  It isn't the best of trading worlds right now, even for the calls.  Some markets in Asia were closed overnight but mostly to the upside.  Europe was higher.  We'll finish up the week tomorrow.