A fairly quiet options expiration Friday as the Dow rose 134 points on light volume. The advance/declines were slightly positive. The summation index is moving up. The Dow was the leader today and that isn't the most bullish scenario. However they did all they could in the final minutes to get to the 40000 level at the close and made it. The NASDAQ posted a small loss. The S&P 500 remains short term overbought. We are moving into the next option cycle that has an extra week in it. I will try and wait for a decent signal before attempting the next trade. There is no hurry as option premiums will be high. Gold was up $35 on the futures and silver soared as it broke through resistance at the 30 level. The US dollar finished flat and interest rates were higher. The XAU added 5 3/8, while GDX gained almost 1 1/4. Volume was heavy to the upside. GDX remains short term overbought. We do not want to chase things here at this point but will wait for a pullback in the gold shares before attempting the GDX calls again. This space is in rally mode as money continues to pour into this sector. But we have missed the move during the May option cycle so we will wait things out for now. Mentally I'm feeling OK. The VIX was lower and closed below 12. Still short term oversold as it has been for weeks. This is the lowest weekly close for the VIX in years. May is usually not such a positive time for stocks but it certainly has been so far this year. We'll see how the last couple of weeks here go. I'll be checking the charts as usual this weekend. Asia was generally higher and Europe slightly lower to finish the trading week overseas. It's Friday afternoon and time for a break.