Back to a mixed picture as the Dow rose 263 points to close at another record high on heavy volume. The advance/declines were negative. The summation index is still trending higher. Both the NASDAQ and S&P 500 posted losses on the session with the NASDAQ leading the way lower. The Dow along with the S&P 500 and other major indices have recently posted record highs. The NASDAQ however has not. This is a fly in the ointment for the recent rise. I expect that it will work itself out and the NASDAQ will post new all time highs soon. But if it doesn't we'll need to watch out. The S&P had a one day downside reversal today as it opened higher and closed lower. The short term indicators here are beginning to stall in overbought territory. One of the indicators that we use is now flashing a sell signal for the S&P. There is a chance that the S&P will return to the breakout point of 7600 but that would be viewed as an opportunity to try the SPY August calls. Gold soared as the futures climbed $154. The US dollar was lower and interest rates slightly lower. The XAU gained 22 1/4 and GDX jumped 5 3/4. Volume was heavy to the upside as GDX got above the down trend line on its daily chart that has been in effect since the beginning of the year. The short term indicators here are pointing up but are short term overbought now. Any decline in the gold shares can now be bought. If we see a snap back to the line that was broken, the GDX August calls will be in order. We believe that todays high volume break out above the down trend line for GDX is for real and will now chase this move if given the chance. Mentally I'm feeling OK. The VIX had a wide range but finished the day lower. The short term indicators for the VIX are moving sideways in oversold territory. During rallies the VIX can remain oversold for some time. We'll see how it goes this time around. Waiting on a so called peace agreement for the US/Iran conflict and Fridays employment report. Asia was higher and Europe mixed overnight. We'll see how it goes tomorrow.