Volatility was the rule today as the Dow was off over 400 points early on but finished the day with a loss of 37 points on very heavy volume. The advance/declines were negative. The summation index continues to track sideways. Once again the overall market was stronger than the Dow with the NASDAQ leading the way. We did get a signal on Friday in the McClellan oscillator for a big move within the next two trading sessions. I suppose todays price action qualifies for that. Buyers show up no matter what as long as the easy money is still around. We've got earnings, economic data and the Fed to deal with this week. It's already interesting and it's only Monday. The price action today says that we're most likely going higher. GE was off 1/8 on good volume. Gold was off a couple bucks on the futures as the US dollar was slightly higher. The XAU dropped 1 1/2, while GDX was flat. Volume was light. I did place an open order for the GDX February calls and I'm leaving it out there. May be too late though. The VIX was higher and had a big jump early. It is still short term oversold so perhaps there will be some more selling. However the price action in the stock indices is implying higher values for equities. We're still short term overbought for the majority of the stock indexes. We'll know more in the comong couple of sessions. There's a chance today was a hanging man on the daily candlestick charts. That would be bearish going forward but we won't know until we get some more price action. The Fed on Wednesday could get things going in either direction. I'll stick with the open GDX order for now and keep an eye on the SPY options. Asia was higher and Europe lower in last nights trade. We'll keep an eye on the overnight developments.