The market snapped back to the upside today as the Dow climbed 306 points on average volume.  The advance/declines were over 4 to 1 positive.  This should turn the summation index back to the upside.  The fears of yesterday have disappeared.  I did place an order for the SPY June puts overnight and it was filled a couple of hours into the session.  It is showing a small loss and I already feel that this was probably the wrong move.  The VIX is back to just below the 15 level.  Where it goes from here will determine how long I'll last in this trade.  I have placed a stop limit order to exit this trade with a reasonable loss if it gets hit.  The 15 level on the VIX is key in my opinion.  If an actual decline is about to occur, the VIX should stay above this level.  We've got the end of the month tomorrow and the jobs report on Friday so there is potential for some kind of market movement.  GE was flat on the session and the volume was average.  Gold was up only a couple bucks despite the US dollar getting clobbered.  The XAU and GDX had fractional gains on light volume.  Mentally I'm feeling OK.  No follow through to the downside today and the price action today seems quite positive actually.  I'm not sure that getting the SPY puts today was the right call.  It could be that yesterday was simply a one day wonder and we'll travel higher from here.  But it's also too early to tell.  The short term technical indicators for the major averages have turned back up and that is a plus for the bulls.  RUT also hit a new all time high today as well.  So you can see my concern with getting filled for the SPY June puts today.  So we'll see how it goes from here.  The problems in Italy did not just go away but the market goes where it wants.  Asia was lower and Europe higher last night.  We'll see how the market closes out the month of May tomorrow.