We got a pretty good move higher today as the Dow rose 212 points on light volume.  The advance/declines were over 2 to 1 positive.  the summation index is moving higher.  We were up over 300 during the session but could not hold it.  We did get above the resistance at around 2675 for the S&P 500 but fell back.  The volume here is lacking and we'll need to see a strong break of the near term resistance to start to believe in higher prices.  The down trend line for the S&P comes in at 2725 and that would be the spot to try the SPY puts if you're so inclined.  GE lost over 1/8 and the volume was average.  Earnings due on Friday.  Gold was flat today but the US dollar was lower.  The XAU and GDX had slight fractional losses on about average volume.  Mentally I'm feeling OK.  Expiration week is upon us and so far the usual positive bias seems to be in effect.  I've got two ideas in mind right now going forward.  I'm looking at the SPY May puts if we get to the down trend line or reach 15 on the VIX.  We are getting close to 15 on the VIX as we speak.  That is the level that has stopped the rallies that we've seen since the extreme volatility in February.  So if my prognosis that the rally from 2009 is really over, this is the level where volatility should pick up again.  I do believe that this is the case so I will probably attempt a trade here if conditions warrant despite just booking a huge loss.  You have to believe in something and believing in yourself is not a bad way to go.  I'm also looking again at the longer term gold share calls going out to September.  Right now I'm focusing on the GDX index of gold miners.  The timing on this trade will have to wait for an oversold condition and that will probably take some time.  But it is another idea that I'm thinking about pursuing.  Looking back at today the TRAN broke above its 50 day moving average and that's a positive.  The next resistance is at 10800.  Most of the other major stock indices are right at their 50 day moving averages.  You could get more positive on things if we see a high volume break above those levels.  We had a shot today but fell back amid light volume.  Perhaps tomorrow will be different.  Asia was mixed and Europe lower last night.  We'll keep an eye out on the overnight developments.