It was a one day reversal to the upside as stocks opened lower and closed higher. The Dow rose 69 points on light volume. The advance/declines were even. The summation index is trending lower. A quiet day to begin the week of trading. We've got inflation data on Wednesday and Thursday. We've got the Fed announcement and press conference on Wednesday. So there will be plenty of excuses for markets to move. The NASDAQ and S&P 500 set new all time closing highs. Both remain short term overbought. It seems like the market just wants to go higher here. I am considering the SPY June puts though if we continue to see strength into the Fed announcement. Gold was up a couple bucks on the futures. The US dollar was higher and interest rates ticked up. The XAU bounced back by two points and GDX was up 1/2. Volume was light. GDX remains short term oversold and I could make a case for the calls here again. However I'll remain on the sidelines here for now but I am looking out to the July and August opton cycles on the GDX calls. Mentally I'm feeling OK. The VIX was higher today which doesn't fit with an up market. The short term indicators here are not oversold but are starting to turn back up. This would not bode well for the bulls if it continues. Asia was mixed and Europe lower to start the trading week overseas. We'll keep an eye on the overnight developments.