Sideways was the theme of todays session as the Dow was above 40000 but then fell back to close below that milestone level. It lost 38 points on light volume. The advance/declines were negative. The summation index continues higher. Both the NASDAQ and S&P 500 posted small losses. The market is extremely overbought. A pause is way overdue. I'm not saying some type of corrective decline but a rest in needed. Todays slight drop didn't do much to relieve the short term overbought condition for the S&P. We'll see how expiration Friday goes. Gold lost $11 on the futures. The US dollar was slightly higher along with interest rates. The XAU and GDX had fractional losses on about average volume. GDX remains short term overbought. We will wait to put on the next GDX call trade until it gets oversold. That's the idea for now. Mentally I'm feeling a bit tired. The VIX barely moved today and the short term oversold condition persists. Waiting to see if we make it down to 12 here. We'll close out the trading week tomorrow and roll into the June option cycle which has na extra week in it. Premiums will be high. Patience for now. Asia up and Europe down overnight. We'll see what tomorrow brings.