We bounced around early but then the Dow took off and closed with a gain of 553 points on very heavy volume.  The advance/declines were better than 4 to 1 positive.  The summation index is moving up.  That's over a thousand points in two days for the Dow.  The overall market continues to lag the Dow, especially the NASDAQ.  But you cannot argue with price and the markets are moving higher.  The S&P remains overbought but has broken out of the recent congestion zone to the upside on good volume.  This implies higher prices to follow.  I'm no longer considering the SPY June puts at this point.  I was trying to expand my horizons and had been considering calls in UAL or MU.  However those stocks have already moved higher as I wasn't quick enough to get on board.  Or perhaps I simply wasn't paying enough attention.  Trades there would have been out of my comfort zone but I am looking at other opportunities down the road.  GE was up 1/2 on very heavy volume.  Gold sold off early but then managed to eek out a small gain.  The US dollar finished slightly higher.  The XAU and GDX both had fractional losses on average volume.  The gold shares also finished up from their worst levels on the day.  My open order for the GDX June calls was filled early in the morning.  It is showing a slight gain.  Plenty of time for this trade to work out and with the short term oversold condition here, there's a chance that the trade will work out.  The entry was OK but the calls are pretty far out of the money at this point.  Ideally gold will rise in the next couple of days before the end of the month to alleviate the bearish candlestick formation appearing on the monthly chart.  Mentally I'm feeling OK.  The VIX bounced around today as the market gyrated in the first hour before rallying the rest of the session.  It almost touched its lower Bollinger band but I am not looking to purchase the SPY June puts at this point.  The VIX does remain oversold on a short term basis.  The TRAN is acting well here on heavy volume and that's another plus going forward.  The major stock indices are all short term overbought here but I do not expect a big decline in the near future.  There is plenty of time in the June option cycle for an SPY trade but for now I'll stay on the sidelines there.  Things can and do change in a hurry though.  Asia was mixed and Europe generally higher in last nights trade.  We'll see what tomorrow brings.