The Fed to the rescue as the Dow roars ahead 416 points! Volume was huge and the advance/declines were over 4 to 1 positive. Today the Fed decided to play musical chairs with bank mortgage debt. I don't really know what it all means but the stock market viewed it as a big positive. But what happens after today? We've relieved the oversold condition by far. The short term down trend line has been broken to the upside. There is another longer term down trend line about 250 Dow points from here. At this rate we'll get there tomorrow but I doubt it. The OEX calls from yesterday are in the black. Hopefully there will be some follow through to the upside tomorrow and I'll probably get out. It was supposed to be a short term trade but there is room to go higher. Gold was up about $4 today while the XAU surged 9 1/2 points. GG and NEM both up over $2, while ABX gained over a buck. Volume was nothing special. The gold signal from yesterday worked again. However I've noticed that lately when NEM is leading the way we are nearing the end of the up move for the gold shares. We'll see if it's true this time around. GE had an incredible day, up 1 3/4 on heavy volume. Is the down trend over in GE? It still hasn't broken the weekly down trend line but it is way overdone on the downside. Mentally I'm a bit tired as I didn't sleep all that well. That and the ongoing position at times can take a toll. The question now is, was today a one day wonder? Time will tell. A bounce was due but this was beyond super ball material. The shorts got squeezed big time. The advance/declines were not as robust as I would have liked for a move like this. So we''ll see what happens. Retail sales and inflation data later this week. What the Fed did today won't change those numbers. Anyway, some follow through tomorrow morning supposedly and we'll go from there.