An oversold bounce today as the Dow gained 139 points on average volume.  The advance/declines were slightly positive.  The summation index continues lower.  The overall market was weaker than the Dow and that is not a positive.  There was no weakness today to attempt the SPY March calls.  Short term oversold on the major indices.  The indicators are near the bottom of their ranges.  There is an uptrend line for the daily S&P 500 chart that comes in at the 2050 level.  That level needs to hold to continue with a bullish longer term outlook.  I do not have any March option cycle trades in mind with only 9 days to go unless a decent signal appears.  Managing the GE trade will be the focus.  GE gained 22 cents on OK volume.  The short term indicators are trying to turn back up here.  Hasn't happened yet.  My GE March calls are still in the black but not by a lot.  There is an analyst conference for the stock on Wednesday.  That could get things moving one way or the other.  Gold was up a couple bucks on the futures as the US dollar finished a bit lower.  The XAU dropped 2 1/3, while GDX fell 2/3.  Volume was good.  It isn't a good sign when the gold share stocks are leading the metal down.  These stocks are oversold and staying there.  This will potentially set things up for a call trade in April or May.  But for now patience is needed and advised.  Mentally I'm feeling OK.  We've got the Dow leading things here and that usually comes at the conclusion of an upside move.  With the summation index moving lower, the risk is higher than usual for some more downside.  The small stocks lagging is another warning sign.  2050 will be the near term key for the S&P 500 in my mind.  The market will go where it wants to though.  I think if GE makes it back to the $26 level this week, I'll dump the March calls.  The risk here increase with each passing day as well because we now have a short term down trend line in place.  At this point I'll wait for the analyst conference on Wednesday.  Nobody wants gold here and the negative seasonal factor is working this time.  It will help to hold the $1150 level on a weekly closing basis.  We'll keep an eye on the foreign markets tonight and go from there.