A meandering Monday as stocks drifted sideways to slightly higher. The Dow however fell 62 points on good volume. The advance/declines were slightly positive. The summation index is moving up at a slower pace. Both the NASDAQ and S&P 500 closed at new all time highs again. We did get a signal from the McClellan oscillator on Friday for a big move within the next couple of sessions. We'll find out if that signal works tomorrow. The short term signals for the S&P remain overbought and staying that way. We've got the Fed, an inflation report and plenty of economic data on tap for this week. So there will be lots of excuses for markets to move. Not sure exactly how much longer the S&P can remain overbought and we are looking at the SPY May puts. Options premiums remain high. Gold was off $46 on the futures. The US dollar finished flat and interest rates rose. The XAU dropped 6 1/2 and GDX lost 1 3/4. Volmue was light. The short term indicators for GDX are oversold but not completely. They've been trending sideways for almost a week. The gold shares appear to be trying to make up their mind where to go next. Mentally I'm feeling OK. The VIX was lower to begin the week. The short term indicators here remain oversold and trending sideways. The daily cnadlestick chart for the VIX looks like it wants to head down. That would be a boost for stocks if it happens. I am still waiting for some kind of clear technical signal before putting on the next trade. Still plenty of time in the May option cycle. Asia was generally higher and Europe slightly lower to begin the trading week. We'll keep watch for the overnight developments.