Today had all the marks of a one day reversal even though the Dow finished in the red.  The Dow fell 64 points on average volume.  The advance/declines were slightly positive.  The summation index is still moving sideways.  The small stocks led the way higher and the S&P was higher after selling off early as well.  I did think about getting some SPY May calls during the session as one of my indicators was flashing a buy signal.  In retrospect that would have been the right move to make.  However I'm still convinced of lower prices overall, so I simply stepped aside.  I would not be surprised at a short term rally here but the VIX is getting closer to the 15 level.  We could get there tomorrow and that would be the signal for the SPY May puts.  It's a tough game.  GE lost a couple cents on light volume.  Gold dropped more than a dozen as the US dollar simply continues to the upside.  The XAU and GDX had slight fractional gains on average volume.  These indices did have one day reversals to the upside.  Mentally I'm feeling OK.  I have been focused on the 15 level for the VIX because it has been the threshold for where declines have began since the huge decline in the beginning of February.  Now there is a chance that we will break this level soon and stay below it for a while.  That will happen if we see a near term rally from here.  But it hasn't happened yet.  The relative strength of the small caps here is bullish.  We've got the Fed tomorrow and that could spur movement one way or the other.  We did finish on the highs for the session today and that implies higher prices tomorrow.  I'll have to think things over again tonight and go from there.  Europe and Asia were slightly higher overnight for the markets that were trading.  Most foreign exchanges were closed.  We'll see how the market reacts to the Fed and AAPLs earnings overnight.