It was a one day reversal to the upside as stocks opened lower and closed higher. The Dow gained 66 points on light volume. The advance/declines were slightly negative. The summation index is still moving up. New all time highs for the NASDAQ and the S&P 500. There is no overhead resistance and the S&P remains short term overbought. Not sure what could derail things as there seems to be plenty of buyers and a lack of sellers. Can't stay overbought forever though. I'll remain sitting on the sidelines for now. Gold dropped ten bucks on the futures. The US dollar was flat and interest rates dipped. The XAU and GDX had fractional losses on light volume. GDX remains short term overbought and is pretty far from its 200 day moving average. Some kind of pullback should be forthcoming. I still like the GDX calls going forward but will wait for some kind of oversold condition. At the rate gold is going the wait could be a while. However we will not take a position in the calls while GDX is short term overbought. Mentally I'm feeling OK. The VIX was lower today which fits a higher market. Back below the 12 lvel now. Short term oversold here for weeks. We are not making any money on the sidelines but we aren't losing any either. Sometimes you have to wait for an opportunity and that is where we find ourselves at the moment. There is an extra week in the June option cycle so we have time on our side there. A holiday weekend is on tap as well. Not much on the economic front this week but there is some anticipation of the NVDA earnings after the bell tomorrow. Both Asia and Europe closed lower last night. We'll see how it goes on Wednesday.