The Dow climbed 322 points today on light volume. The advance/declines were better than 2 to 1 positive. The summation index is trying to turn back up. The volume remains light but perhaps that is just a byproduct of the summer. New all time highs for the NASDAQ and the S&P 500. No overhead resistance. Overbought, staying that way and touching the top of the Bollinger bands. Yes I'm still considering the SPY July puts but will wait until next week at this rate. We could just be in the midst of the typical summer rally that will take us to the July option expiration. GE was up twenty cents and the volume remains light. Gold was off another five bucks on the August futures. The US dollar and interest rates finished little changed. The XAU and GDX had slight fractional gains on light volume. GDX remains short term overbought here but I don't see any interest in owning the gold shares at the moment. Mentally I'm feeling OK. The VIX once again penetrated its lower Bollinger band and set a new intra-day low. Short term oversold and the daily candlestick chart looks like it is trying to put in a short term bottom. That would mean an increase in volatility would show up and that would warrant purchasing the SPY July puts. However I must point out that the weekly candlestick charts for the most of the major stock averages look positive with bullish engulfing patterns going into tomorrow. Plus if the summation index does indeed turn back up it bodes well for the bulls going forward. I'm still on the sidelines for now. Europe and Asia were higher overnight. We'll close out the trading week tomorrow.