A rally sprang up today as the Dow gained 338 points on average volume. The advance/declines were around 4 to 1 positive. The summation index is still moving lower but is once again trying to turn around. Good news came out of China as the holiday there came to a close. The Fed had no surprises. The question now is if the decline is over or just on pause. The short term indicators for the S&P 500 have turned back up but not decidedly so. I'm still favoring the SPY October puts but that could be the wrong idea. I am probably going to put in an open order for some overnight though. A move back up to the 50 day moving average at 441 or so on the SPY would be the ideal scenario. A short term down trend line comes into play a bit higher than there as well. Plus that would also fill the gap from Monday too. However if we just go up from here, the decline is likely over. Gold was off around $10 on the December futures. Interest rates were mixed, while the US dollar was higher. The XAU and GDX had slight fractional gains on better than average volume. The gold shares remain short term oversold. Mentally I'm feeling OK. The VIX dropped but remains above the 20 level and above its 200 day moving average. The short term indicators here have rolled over but are not close to being oversold again. The VIX is also showing signs that the decline could be over but nothing is set in stone just yet. It would be great to see a run to 441 on the SPY tomorrow and that would be the time to try the puts. The market rarely cooperates. Europe was higher and Asia mixed overnight. We'll see if we get some follow through buying tomorrow.