Hang around Tuesday as the Dow was up 32 points on average volume. The advance/declines were positive. The summation index is moving up. Without a catalyst in either direction the market is simply marking time. Frustrating if you're trying to trade it but we must recognize things for what they are. The S&P 500 is short term overbought on some of its indicators. If we continue higher on light volume into Thursday we might try the SPY May puts for a short term trade. Or this might just be a time to remain on the sidelines. Markets go where they want and sometimes they are going nowhere. Could we reach new all time highs again soon for the S&P? Perhaps but we'll have to see an increase in participation to believe that. Gold was off $8 on the futures. The US dollar was higher and interest rates finished relatively flat. The XAU and GDX finished basically unchanged on extremely light volume. Seems like the gold shares are waiting around now as well. Trying to stay patient here but we are running out of time in the May option cycle. Mentally I'm feeling OK. The VIX was lower today and continues to remain short term oversold. It says that the rally that began a week ago has legs. We'll see. Europe finished higher and Asia was mixed overnight. Maybe things can get going on Wednesday.