There was a huge rally on Wall Street today as the Dow gained 320 points. Advance/declines were over 4 to 1 positive and the volume was heavy. We are right at the daily down trend lines for some indices. This is the area that I would like to get short at but after todays action, I'm not so sure. Yes, there was short-covering going on and it is expiration week. Tomorrow will tell a lot. There should be some follow through. Is this decline over? It could be but we will only know in time. Gold lost $8 today but the XAU followed the market and was up over 4 points. ABX and NEM were both up on average volume. So was it just a one-day washout in the gold shares? I don't think so. I believe that there will be more downside to come there near term. Within the next month or so. I could be wrong. GE gained almost a buck on better then average volume. I think we broke the daily down trend line there and that could bode well for the market overall. Perhaps the decline in GE is over as well. Mentally I'm feeling OK, got a good nights sleep. It looks as though yesterday at the close was the time to purchase some calls. It is always easy to look back though. Going forward is what matters now. I do think there will be higher then expected inflation readings in the next 2 days. What the market does in reaction to those numbers will tell you where we are headed. I'm still of the belief that getting some OEX puts this week will work but you cannot deny the strength of todays rally. So it won't be easy from here. Also with only 3 days left for this month the risk is higher then it usually is. We'll see what happens on the open tomorrow...