It was a rally that faded today but the Dow still managed a gain of 294 points on good volume to close at a new all time high. The advance/declines were positive. The summation index is beginning to stall. The Dow led things higher again today which isn't the most bullish picture. However considering there was a gain going into a long weekend the bulls will take it. Both the NASDAQ and S&P 500 posted small gains. The short term indicators for the S&P are still moving higher but are not yet completely overbought. A couple more days of gains here and we might have our scenario of a new all time high for the S&P with lower indicators readings. I still favor the SPY June puts for now. Gold dropped $33 on the futures. The US dollar finished flat, while interest rates were mixed. The XAU fell 4 1/8 and GDX lost about a point. Volume was light. GDX is still holding on at its 200 day moving average while the short term indicators remain oversold. Perhaps the gold shares are putting in some kind of short term bottom here. We'll take a closer look over the long weekend. Mentally I'm feeling OK. The VIX was unchanged today. Some of the short term indicators here are starting to move sideways. Not sure what's next for the VIX. A holiday weekend on tap gives us an extra day to check over the charts. We are still at the mercy of the next Iran conflict headline. However if things line up for us we will try the SPY June puts in the middle of next week. Europe and Asia were higher to close out the week overseas. It's Friday afternoon and time for a break.