We got a bounce and quite a bounce it was as the Dow gained 202 points on average volume. The advance/declines were over 3 to 1 positive. The idea has been to short any bounce and I'm still leaning that way. I am going to try and wait until we are short term overbought which would be later this week or next Monday. However being both short and medium term oversold here could mean more of some type of sustained upside move going forward. I would still like to see the rally from the US debt resolution first before purchasing some OEX puts. We'll see. GE was up 1/3 on light volume. Trying to get above the 200 day moving average. Hasn't happened yet. Gold lost a buck on the futures but was down $15 in the aftermarket. The XAU fell 1 2/3. The US dollar fell today as well. It looks like fear took a rest today. ABX off 1/2, GG lost a buck and NEM fell 1/3. Volume was average. If we work off the overbought condition here, I may try the gold share calls for August or September. However I would like to see some pullback first. One day isn't enough. Mentally I'm a bit tired, not enough sleep. Today was quite a move in the stock indices. Sometimes in down markets, rallies spring out of nowhere. That could be the case for today. Or not. There lies the dilemma from here. We'll see if we get any follow through tomorrow and go from there.