Drifting would be the best way to describe the market action as the Dow was up 15 points on light volume. The advance/declines were negative. The summation index is still in a downward trend. The NASDAQ along with the S&P 500 closed higher with the NASDAQ leading the way. The S&P remains short term overbought. We are in summer mode with not a lot of volatility for now. Perhaps that will change with Fridays inflation report and the end of the month. Gold dropped another twenty bucks on the futures. The US dollar was higher along with interest rates. The XAU and GDX finished practically unchanged though on light volume. Not sure what is going on there. Maybe the gold shares know something that we don't. However I'm remaining on the sidelines here for now. Mentally I'm feeling OK. The VIX was down today and the short term indicators are moving lower. This implies more gains for stocks in the near term. We'll see. Asia up and Europe down overnight. Tomorrow could be a waiting game ahead of Friday. I'll keep an eye on tonights developments.