The Dow soared to the upside today as it gained 275 points. The advance/declines were 7 to 1 positive. Volume was lighter than yesterday. The summation index should be back to moving higher after todays action. Europe, meaning Germany, had some good news for a change. The question now is whether this rally is for real. I certainly don't know. We aren't overbought or oversold here. The lesser issues such as the NASDAQ are performing well here and that usually leads to higher prices. However I will consider the OEX puts again once we reach near term resistance. We'll see if we get any follow through tomorrow before Obamas jobs speech. GE was up 1/2 on average volume. I am considering a short term call trade here for the September option cycle. But I may be too late as yesterday probably was the day to initiate it. There's only 7 days left on the options. I'm still looking to go out to January there as well. Gold took a hit today, down $55 on the futures. The US dollar was down as well as the flight to safety trade took a day off. Perhaps this is the beginning of the unwinding of that trade. That's a guess as usual. The XAU was up almost 1 1/2 as the gold shares did not follow gold today. ABX was up 7/8, GG gained 1/2 and NEM fell 3/4. Volume was average. Not sure what to make of the gold shares today. I do know that ABX and GG are right at their resistance of $55. If they break through that level there is nothing to stop them from going much higher. Overbought here on these issues but that may not matter. Might try a trade here before expiration. Mentally I'm feeling tired, did not sleep well. Volatility has returned to the stock indices as we were down 300 points early yesterday and today we gained 275. The trades have to be short term in nature I believe to be successful. That really isn't one of my strong points. I'll be keeping an eye on things as usual and we'll see what happens.