The Dow continues its trek upward as it gained 104 points on very light volume. The advance/declines were slightly negative. The summation index continues higher. The overall market was weaker than the Dow with both the S&P and the NASDAQ posting slight losses. The S&P 500 is about to have its 50 day moving average cross above its 200 day. That is bullish. However we are stalling here at the long term down trend line and the volume is weak. We need to see a good volume rise here and it will be all clear for the averages to move higher. We remain pretty sure that will be the outcome unless we see some kind of extended decline from here. Doubt that will happen though as the technical evidence points to a continued move up. No SPY trades in mind at the moment. Gold was up about ten bucks on the futures. The US dollar was lower along with interest rates. The XAU rose a point while GDX added 1/3. Volume was on the light side. The gold shares simply continue to move higher but I cannot bring myself to purchase the GDX calls with the short term overbought technical condition there. We will try and remain patient. Mentally I'm feeling OK. The VIX was lower and its indicators have turned down. Not yet completely oversold there which implies higher prices going forward. Earnings will probably drive things tomorrow as there are no major economic reports due. Japan was higher again as most of Asia remains shut down for the new year holiday. Europe was mixed. We'll keep an eye on tonights headlines.