Back to the upside today as the Dow gained 139 points on light volume. The advance/declines were positive. The summation index is moving sideways. Good gains for both the NASDAQ and S&P 500 with the NASDAQ leading the way. The market remains at risk from the next headline. The short term indicators for the S&P have turned back up but remain in overbought territory. My thinking is that the S&P will be on its way to new all time highs next week on benign inflation data. Probably too late for the July SPY calls as the lows yesterday would have been the ideal purchase time. But we'll see what happens between now and Tuesday of next week. Gold bounced back $49 on the futures. The US dollar finished about unchanged and interest rates were slightly lower. The XAU gained 10 1/2, while GDX added 2 1/8. Volume was light. The short term indicators for GDX are trying to turn back up again from oversold territory. My GDX July calls remain solid losers. We'll see how GDX finishes the week tomorrow. Mentally I'm feeling OK. The VIX was lower today which fits an upside market. The short term indicators here have turned back lower in oversold territory. The VIX can remain oversold during rallies so we'll have to wait and see where stocks go from here. The light volume today is not a positive for the bulls. Asia and Europe were generally higher overnight. We'll close out the trading week tomorrow.