Another day of hanging around as the Dow was up 10 points on light volume. The advance/declines were around 4 to 1 positive though. The summation index is moving up. The NASDAQ led the way higher but there weren't any big gains. Like a broken record the major averages remain short term overbought. During rallies that condition lasts longer than you think. The better breadth is a positive going forward. However so far this week seems like the market is marking time until the next Fed meeting which is a week away. So the question is are we just going to be waiting for that or will we get at least some kind of short term trend here? We'll have to remain on the sidelines with regards to the SPY until we get a decent signal one way or the other. Gold was up about $5 on the futures. The US dollar was a bit higher and interest rates were mixed. The XAU and GDX had fractional gains on very light volume. The short term indicators for GDX are starting to move sideways. There is very little interest in the gold shares at the moment. My GDX June calls continue to be losers. Mentally I'm feeling OK. The VIX was lower and now stands at 14. Short term oversold and staying that way. The VIX level hasn't been this low in over 3 years. Not sure what it means but a low VIX is usually bullish for stocks. So I guess we'll just be waiting around for this week to finish at the rate things are going. That won't help the option trades. But the market does what it wants and goes where it wants. Asia was mixed and Europe higher in last nights trade. We'll see if something gets things going overnight.