It was a one day reversal to the upside as the Dow opened lower and closed higher. The most watched index gained 89 points on good volume to finish the month of October. The advance/declines were about even. The summation index is moving up. Earnings came in mixed in the morning but traders used the weakness as an excuse to buy. Several indices hit new all time highs including the S&P 500. There's still plenty of money hanging around to be put into stocks. As long as the liquidity lasts, the rally has legs. There is nothing on the horizon at the moment to stop the bulls. Gold took a hit today as the futures fell around $20. The US dollar had a spike up after yesterdays drop. Interest rates remained steady. The XAU fell 3 7/8, while GDX shed 7/8. Volume was average. The short term indicators for GDX are dropping and there's still some room to go before reaching oversold. Another day like today and my open order for the GDX January calls could get filled. I'll rethink this idea over the weekend. Mentally I'm feeling OK. The VIX bounced around and finished lower today. The short term indicators here are starting to roll back down which would prolong the up trend. This is what I expect to occur. We'll get beginning of the month money flows coming in early next week. Monthly trends look bullish for stocks as well on the candlestick charts. Octobers gains erased Septembers losses. The trend remains up with nothing as of yet to halt the rally. We'll enjoy the ride. We'll be going over all the charts this weekend as usual. Europe and Asia were mixed to finish the week and the month. It's Friday afternoon and time for a break.

Back to the upside as the Dow gained 239 points on average volume. The advance/declines were better than 2 to 1 positive. The summation index is moving higher. Earnings continue to pave the way up as the rally continues. New all time highs for some of the major stock indices and there is no overhead resistance. Money is flowing into stocks. Gold was only slightly higher as the US dollar had a decent drop. Yields were up marginally. The XAU fell 1 2/3, while GDX lost 1/2. Volume was light. The gold shares are starting to underperform now so perhaps my open order for the GDX January calls has a chance to get filled eventually. The short term technical indicators for GDX have started to roll over. Mentally I'm feeling OK. The VIX was lower today and that fits an up market. The pause in prices yesterday was just a temporary stop in the advance according to what I'm looking at. The market is in rally mode on earnings and I don't see that stopping anytime soon. End of the month tomorrow and we might get some swings on adjustments. But the trend is up until further notice and will probably go on longer than you think. That's my opinion at the moment. Asia was lower and Europe mixed overnight. We'll close out the trading for October tomorrow.

Some selling today as the Dow fell 266 points on average volume. The advance/declines were better than 2 to 1 negative. The summation index is still trending up. The Dow was the worst performer today as the NASDAQ only finished flat. The S&P 500 was down but much less percentagewise than the Dow. The short term indicators are trying to roll over for the S&P but remain in overbought territory. Perhaps we will get a shot at the SPY November calls going forward. Some selling is to be expected because we were at overbought extremes. Gold was up a few bucks on the futures. The US dollar was a bit lower and interest rates dropped. The XAU dropped a point, while GDX was off fractionally. Volume was light. The gold shares continue to hold up well. My open order for the GDX January calls remains. Mentally I'm feeling OK. The VIX was higher again today and is relieving its oversold condition. Is this the beginning of a sustained decline? I don't think so. The short term indicators for the VIX have now turned around and are moving up. We'll keep an eye on it but I think a pause in the rally is about all we'll see. I could be wrong. Earnings continue to arrive and they haven't been all that bad. We'll get the first look at the 3rd quarter GDP tomorrow. Europe and Asia were lower overnight. We'll keep an eye out on tonights headlines.

Today the Dow managed a 15 point gain on average volume. The advance/declines were negative. The summation index is moving up. The market did come off of the highs for the day. Pretty much waiting for more earnings reports along with the rest of the weeks economic data including the first look at 3rd quarter GDP. Gold was off around $15 on the futures. The US dollar was higher and interest rates remained steady. The XAU and GDX had fractional losses on light volume. The gold shares continue to out perform the metal itself and that is bullish. I am still interested in getting some January gold share calls if we ever see some type of pullback. The recent advance in GDX has had staying power as the short term overbought condition remains in place. Hoping to see short term oversold at some point between now and the end of the year in order to purchase the January calls. That is the plan at the moment. Mentally I'm feeling OK. The VIX was higher today but remains in a short term oversold condition. It is still suggesting that the rally has plenty of legs and I'm inclined to agree. We may not see an entry point to attempt the SPY November calls. Europe higher and Asia generally lower in last nights trade. We'll see what tomorrow has in store.

Another day another gain as the Dow was up 64 points on average volume. The advance/declines were positive. The summation index is moving higher. The overall market was much stronger than the Dow, with the NASDAQ leading the way. We're still short term overbought for the major indices and staying that way. The S&P 500 set another new all time high and there is no overhead resistance. The S&P had its 5% correction and now we'll see how far it can go on earnings. The bulls are in control. Gold was up around a dozen on the futures and closed above the $1800 level. It also broke the down trend line that has been in effect for about 5 months. The US dollar was slightly higher and interest rates slightly lower. The XAU was up 2 1/3, while GDX added 3/8. Volume was light. Like the overall market, the gold shares are short term overbought and staying that way. At this rate my open order for the GDX January calls won't get filled. Mentally I'm feeling OK. The VIX was a bit lower and remains extremely short term oversold. This short term condition will have to resolve itself with some selling but we cannot guess exactly when this will occur. I'm thinking sooner rather than later but who knows? That might give us a set up for the SPY November calls because any selling would be brief in my opinion. We'll see. End of the month coming on Friday. Plenty of economic data coming out during the week as well. Europe was higher and Asia mixed overnight. We'll see how things go in the after hours.

Volatility returned today as the major stock indices bounced around. The Dow gained 74 points on light volume. The advance/declines were about even. The summation index is moving up. The overall market was weaker than the Dow with both the NASDAQ and the S&P 500 lower. Negative earnings reports were to blame for the NASDAQ slump. We'll need to see the NASDAQ rebound soon or there is a potential double top forming there. That certainly would put a crimp in our bullish outlook. Hasn't happened yet though. Still short term overbought for all of the major indexes. Gold was up over ten bucks on the futures. Both interest rates and the US dollar were lower. The XAU and GDX had fractional gains on above average volume. They did finish well off of the highs though. Gold itself has seemed to find a bid and is on the cusp of breaking through its down trned line from early June. At this rate my open order for the GDX January calls won't get filled. Mentally I'm feeling OK. The VIX also bounced around during the session and finished higher. It is at such a low level that it still implies that the rally has plenty of room to go. We'll see. All in all it was a psotive week for stocks and we will have to see how the earnings play out going forward. I'll be checking the charts as usual over the weekend. Europe was higher and Asia mixed to finish the trading week overseas. It's Friday afternoon and time for a break.

The Dow was off 6 points today on what now passes for average volume but it still seems light to me. The advance/declines were slightly negative. The summation index continues higher. The overall market was much stronger than the Dow with the NASDAQ leading the way. That is bullish. The S&P 500 set a new all time closing high. Overbought, staying that way and the trend is up until further notce. Gold was slightly lower today. The US dollar was a bit higher along with interest rates. The XAU and GDX had slight fractional losses on light volume. My open order for the GDX January calls remains out there. Mentally I'm feeling OK. The VIX was still lower today. It remains short term oversold. The short term technical indicators are as oversold as they've been in a long time. The VIX says that the rally will live on. We will not argue with that. I suppose we'll just have to see how high things can go. Perhaps try the SPY November calls if we do get some kind of pullback. Premiums do remain high though as there is plenty of time in the November option cycle. Europe and Asia were lower overnight. We'll close out the trading week tomorrow.

Continuing higher as the Dow gained 152 points on light volume. The advance/declines were better than 2 to 1 positive. The summation index is moving up. Short term overbought for the major stock indices, with the S&P 500 just a hair off of closing at a new all time high. Stocks are poised to go higher with earnings season looking to be the catalyst. Declines can be bought if and when we experience any. Gold was up around $15 on the futures. The US dollar continued its decline, while interest rates remained steady. The XAU was up 1 1/2, while GDX gained 1/3. Volume remains light here. Mentally I'm feeling OK. The VIX was still lower and still is short term oversold. This is textbook behavior for this indicator during rallies. Therefore we can be quite certain that the rally has legs. Once again short term declines can be bought. Once we get past the old highs for the major stock indices there will be no overhead resistance. The bulls are now in control until further notice. The NYA has already blasted off to new all time highs. Other indexes most likely soon to follow. Europe was higher and Asia lower with the exception of the Hang Seng last night. US markets due for a pause but only a pause it would be.

Getting closer to new all time highs as the Dow was up 199 points on light volume. The advance/declines were positive. The summation index is moving higher. The rally lives on as the S&P 500 is now short term overbought. We may see a pause here but not a decline that can be traded in my view. How high we go will be determined by the coming earnings reports. The option premiums on the SPY November calls are still pretty pricey as they include the extra trading week in this cycle. Patience for now. Gold was up around $5 on the December futures contract. The US dollar was lower and interest rates were higher. The XAU gained 1 3/4, while GDX was up 1/4. Volume was very light. The gold shares remain short term overbought but just like the overall stock market they can stay that way during rallies. My open order for the GDX January calls will only be filled if we see some decline. Mentally I'm feeling OK. The VIX was lower yet again today and that fits an up market. Remaining short term oversold as well. It still points to this rally having legs. We may see some hesitation for the S&P here as we are close to the all time high. But that would just be temporary in my view as the measuring objective of the reverse head and shoulders pattern for the S&P points to higher prices from here. So we'll ride the tide higher and take it from there. Europe and Asia were generally higher overnight. We'll see how things go tomorrow.

We had a mixed bag to start off the trading week as the Dow was lower and other major indices higher. The Dow fell 36 points on light volume. The advance/declines were slightly negative. The summation index continues higher. Both the NASDAQ and the S&P 500 sported gains with the NASDAQ leading the way. As long as the small stocks continue to show relative strength, the trend is up. The reverse head and shoulders pattern for the S&P 500 implies new all time highs are conming soon. Gold was off a few bucks on the futures. Both the US dollar and interest rates finished little changed. The XAU fell 1 1/2, while GDX shed 1/3. Volume was pretty light. I still have an open order in for some GDX January calls. Mentally I'm feeling OK. The VIX finished little changed and is short term oversold. The low reading here suggests that the rally has legs. I'm inclined to agree. Plenty of time for ideas with an extra week in the November option cycle. For now we'll be patient and wait for the next set up. Asia was mixed and Europe lower to begin the week. We'll keep an eye on the overnight headlines.

The rally continued as the Dow ws up 382 points on light volume for an option expiration Friday. The advance/declines were about even. The summation index is moving higher. All signs are pointing to new all time highs coming in the near future. The S&P 500 is getting short term overbought but remains that way in uptrends. The TRAN has led things higher this go round. One of the caveats here is the light volume. We also have the Dow as the outperformer which isn't overly bullish. We'd rather see the NASDAQ lead the way. But we do have enough going in a positive direction to see the rally continue. The breadth today doesn't match the price gains, so some near term weakness would not be a surprise. But all in all you'd have to say we'll be moving higher from here. Gold dropped over $25 on the futures. The US dollar finished little changed but interest rates moved up. Although GDX broke through its down trend line from September, gold itself did not and was turned back today. However the gold shares leading the way is bullish and I do expect higher prices in this complex going forward. The XAU and GDX had fractional losses on light volume. They remain short term overbought. I did place an open order for some GDX January calls that will take some decline in GDX in order to get filled. A pullback to the down trend line just broken might do the trick. We'll be keeping an eye on it. Mentally I'm feeling OK. The VIX continued lower and is short term oversold. During rallies the VIX stays oversold for an extended period of time. My guess is that is what we are about to see in this indicator. It was a constructive week for the S&P 500. The weekly chart indicators are in the process of or have already turned back up. That says that the rally will continue and probably the coming earnings will be the catalyst. The S&P just had a 5% correction and it looks like that was enough at the moment. Of course things could change going forward but for now it appears that declines can be bought. I'll be checking the charts over the weekend as usual. Europe and Asia were higher to end the week. It's Friday afternoon and time for a break.

The Dow roared ahead today and gained 534 points on light volume. The advance/declines were better than 3 to 1 positive. The summation index is now moving higher. Inflation data was slightly weaker than expected and that will be the excuse. The S&P 500 broke above the down trend line that has been in effect since the beginning of September. Depending on where you draw the neckline, a case can be made that the inverse head and shoulders pattern for the S&P is valid. It would imply a run to new all time highs in the coming weeks. The only drawback here is the light volume. However for now it looks like declines can be bought as the tone of the market has changed. Gold was up a few bucks on the futures. Interest rates continued their decline and the US dollar was slightly lower. The XAU rose another 3 points, while GDX gained 3/4. Volume was good. The trend is now up for the gold shares and we will be purchasing some calls on the next pullback. Short term overbought now for GDX. We will be looking for a throw back to the down trend line that was just broken. Somewhere around the 31 level although the ideal time to buy the calls has passed. Mentally I'm feeling OK. The VIX was lower today and is comfortably below the 20 level. The short term indicators here are oversold but I'm not looking for any kind of move back above 20 anytime soon. The down trend for stocks has run its course for now. November has an extra week in its option cycle so premiums will be high. I suppose we'll just have to be patient for the next opportunity. Asia was generally higher and Europe up in last nights trade. Expiration Friday on tap for tomorrow.

It was a back and forth session with the Dow finishing basically unchanged. Volume remains light. The advance/declines were positive. The summation index is trying to turn back up. The overall market was stronger than the Dow with both the NASDAQ and S&P 500 higher. The inflation data was a bit higher than expected but did not have the effect on market action that I expected. The short term indicators for the S&P remain mid-range so there's still a chance for things to go either way. The inverse head and shoulders pattern on the S&P 500 has yet to resolve itself or fail. I'm getting the feeling that it will be valid and break through the controlling down trend line and change the scenario from bear to bull. The market breadth has shown improvement lately. We'll see what happens as time goes on. More inflation data out tomorrow. Gold took off to the upside and the futures gained around thirty bucks. The US dollar fell along with interest rates. The XAU climbed 4 1/4, while GDX gained a point. Volume was heavy to the upside. GDX closed above its 50 day moving average. It also broke through a down trend line that has been in effect for months. We missed out on the GDX October calls. The next time GDX gets short term oversold, we will try the calls. The weekly chart for GDX has just began to rise and it looks like there is plenty of upside to come in the future. Mentally I'm feeling OK. The VIX was lower and closed below its 50 day moving averge. The short term indicators here are oversold but can remain that way during market rises. If stocks continue higher tomorrow, we'll know we are in one of those instances. If the market rolls back over, then the down trend line on the S&P 500 is still in charge. I think we're at an important juncture for stocks going forward. We'll have to see how it turns out with only a couple of days left in the October option cycle. Asia was mixed and Europe higher in last nights trade. We'll keep an eye on the overnight developments.

Another day and another decline as the Dow fell 117 points on light volume. The advance/declines were positive though. The summation index is still tracking sideways. Waiting on the inflation data would probably be the best way to describe todays price action or lack of. The short term technical indicators for the S&P are now mid-range so things could go either way here. Although I was committed to the downside there is a possible inverted head and shoulders pattern on the daily S&P chart. With only 3 days to go in the October option cycle, as much as I'd like to attempt another trade here the prudent choice would be to stay on the sidelines. We'll see. Gold gained $7 on the December contract. The US dollar was a bit higher and interest rates dropped. The XAU was up 1 7/8, while GDX rose 1/2. Volume was better than average. The gold shares are getting close to short term overbought. Mentally I'm feeling OK. The VIX was just a bit lower today and is hanging around the 20 level. It is oversold but not extremely so. Hanging around its 200 day moving average. I'm not getting a good feel for which way it is going to go here. When in doubt, stay out is an old market adage. I suppose I won't be surprised one way or the other with what happens tomorrow. I probably still would like to own those SPY puts that got stopped out. That was the original plan for the week. I can't think that the inflation reports due in the next couple of days won't show added price pressure. We'll find out tomorrow. The recent lighter market volume also shows not a lot on interest in owning stocks right now. Europe and Asia were lower overnight. We'll see what Wednesday brings.

The Dow fell 250 points on a partial holiday Monday to begin the week. The advance/declines were negative and volume was pretty light. The summation index is still tracking sideways. The market rallied early on in the morning and I was stopped out of my SPY October puts for a 30% loss. Then things turned around back to the downside for the rest of the session to finsh near the lows of the day. There is nothing more frustrating than to get stopped out of a trade only to see it work the way it was supposed to. The down trend line for the S&P 500 remains in force and I do believe that we'll be going even lower from here. I did try and buy some more SPY October puts after I was stopped out but the order wasn't filled. The short term technical indicators for the S&P are starting to roll over. Gold was off a couple bucks as the US dollar was higher and rates ticked up slightly. The XAU and GDX had slightly fractional losses on light volume. The short term indicators here are beginning to roll over as well. Mentally I'm trying not to let getting stopped out of the SPY trade affect me going forward. There's only 4 days to go in the October option cycle and trying another trade here would be very risky. That said if we do happen to move up tomorrow morning, I may be willing to attempt the SPY puts again. But I feel that it may already be too late. The VIX was up today and that fits the downside that we saw. It is right at the 20 level. A rise above 20 will bring more volatility and more selling. That's what I believe will happen. I could be wrong. Inflation data due on Wednesday and Thursday will most likely be moving the markets. Asia was generally higher and Europe mixed to begin the trading week overseas. We'll keep an eye on the overngiht developments.

It turned out to be an unexpected quiet session on Wall street as the Dow fell 8 points on very light volume. The advance/declines were negative. The summation index is tracking sideways. The jobs report came in weaker than expected and the market reaction was muted. We spent the day in a sideways channel. Neither buyers nor sellers could move things their way. The S&P remains perched at the down trend line that has been in effect for the past month or so. The short term technical indicators are at mid-range so it could go either way. My SPY October puts are still showing a small profit. I'll just have to wait and see where we go on Monday. Option expiration week is coming up and usually has a positive bias. Gold finished around unchanged after being much higher early on. The US dollar finished little changed as well and interest rates ticked up again. The markets reactions to the weak jobs report were not what's usually expected. I'm not sure what that all means. The XAU and GDX had fractional gains on good volume. Mentally I'm feeling OK. The VIX was lower today and the market didn't rally. However it was a non volatile session so that kind of fits the movement. Getting short term overbought now on the VIX but I haven't had a good handle on this indicator lately. Todays stock price action marked indecision as we wait to see the resolution at the above mentioned trend line in the S&P. The lack of volume today shows no catalyst to push higher through the line at the moment. However nobody was in a rush to sell either. We are still at an important juncture in my opinion. Should get some answers next week. Plenty of charts to check over the weekend. Asia was higher as China reopened. Europe was generally lower but not by much. It's Friday afternoon and time for a break.

Interesting is the word to descibe todays session as the Dow gained 337 points on light volume. The advance/declines were better than 2 to 1 positive. The summation index is trying to turn up. We had a gap higher at the open adn the market took off to the upside. The Dow was up around 550 points during the session. But then selling came in the final two hours. The S&P 500 had broken out to the upside from its down trend line only to end the day back at the line. So that line is still in effect but that could change with another up day tomorrow. I did purchase some SPY October puts this morning. They are showing a small profit. The stop loss order is in and it looks like tomorrow will be the key for this trade. If the down trend line remains an obstacle, the trade should work. We'll see. Gold was up a couple bucks on the futures. Interest rates rose and the US dollar finished little changed. The XAU added 1 2/3, while GDX was only up a slight fraction. Volume was about average but lighter than we've seen lately. Mentally I'm feeling OK. The VIX was lower today and closed below the 20 level. It also closed below its 200 day moving average. It seems to be saying that higher prices are coming. We'll get the employment report and market reaction tomorrow. There's a chance that the decline has ended and we'll know for sure with tomorrows price action. There's an equal chance that it hasn't concluded based on todays price action. So tomorrow will be an important day. I'm taking another chance on the downside and we'll see if that was the correct action this time around. Europe and Asia were higher overnight. We'll see how things go tomorrow.

We had a one day upside reversal as the Dow opened lower and closed higher. The most watched index gained 102 points on light volume. The advance/declines were slightly negative. The summation index continues sideways. It appears that the S&P 500 is putting in a bottom at around the 4300 level. We've held in there for about a week and the short term indicators are turning up. I am still considering though, getting some SPY puts again at the down trend line that now comes in at 4400 on the S&P. We could get there by the end of the week or perhaps tomorrow if there is any follow through upside. It's a risky trade with only seven days to go in the October option cycle. Gold was up around five bucks on the futures. The US dollar was slightly higher and interest rates finished little changed. The XAU gained two points, while GDX was up 1/2. Volume was good. Getting the GDX October calls has been missed as we have already moved higher there. The short term technical indicators for GDX have moved up as well. I'm still considering the January calls here if we move back lower as time goes on. Mentally I'm feeling OK. The VIX was lower today but remains above the 20 level. I'm not getting any decent signals from this indicator lately. Or perhaps I'm just not seeing things here clearly. Stock markets are trying to hold up here now but it remains to be seen if they'll be successful. I kind of think they will be but we'll know for sure if and when we get back to the down trend line. What happens there will tell the story. I'm still leaning towards getting the SPY puts again. We'll see. Europe and Asia were lower in last nights trade. We'll keep an eye on the overnight developments.

Another bounce back today as the Dow was up 312 points on light volume. The advance/declines were positive. The summation index is still moving sideways. We were up almost 500 points during the session but dropped off in the final hour. That has been the market make up as of late, an end of the day swoon. I think when that changes the down trend will be over. I'm still hoping to see a rise to the 440 level in the SPY this week to try the Octover puts there again. Still short term oversold for the S&P 500. The NASDAQ acted better today and that's a plus. Gold was off about ten bucks on the futures. The US dollar was a bit higher along with interest rates. The XAU and GDX had slight moves one way or the other on average volume. I'm still considering the GDX October calls ahead of the jobs report. Mentally I'm feeling OK. The VIX was lower today and remains above 20. The short term indicators here have turned down. Not getting a good feel for the VIX here but it once again seems to be saying we'll see higher prices near term. Taking it day by day here as time is running out for the October option cycle. Waiting to get back to the down trend line for the S&P. It will take another couple of days like today to get there. Even if we do there is no guarantee that the down trend line will hold. So trying to remain patient for now. Asia was generally lower and Europe higher overnight. We'll see how things go tomorrow.

The week began on a sour note for the bulls as the Dow fell 322 points on average volume. The advance/declines were around 2 to 1 negative. The summation index is trying to move lower again but remains in a sideways channel. The NASDAQ led the way lower again and as long as that's the case the trend will be down. Some negative news on FB was the backdrop. Nine days to go in the October option cycle. I'm hoping for some kind of bounce back to the down trend line in the SPY that comes in at 440 to try the puts again. But hope isn't a trading strategy. The S&P 500 remains short term oversold but we are coming to the first level of suport at 4250-4200. The NASDAQ is also coming to its first support zone of 14200 to 14000. My guess is that things hold at these areas for at least a little while and maybe longer. I'd like to try the SPY puts again if we do get back to the down trend line while still in the October option cycle. That's the idea for now. Gold was up seven bucks on the futures. The US dollar was lower and interest rates ticked up. The XAU was up about 1 1/4, while GDX gained 1/3. Volume was above average. I'm considering a short term trade now in GDX for the October cycle. Perhaps getting some GDX October calls ahead of the employment report. GDX remains both short and medium term oversold. The short term technical indicators have started to turn back up. However I may be late on this idea as today might have been the time to purchase the October calls. Mentally I'm feeling OK. The VIX was higher today and that wasn't what I expected on Friday. The short term indicators are mid-range. As long as the VIX remains above the 20 level we can expect more volatility. That's about the only thing that I can say for certain here about the VIX. Europe and Asia were lower to start the week. China remains on holiday. We'll keep an eye on the overnight developments.

A bounce back today as the Dow climbed 482 points on average volume. The advance/declines were better than 2 to 1 positive. The summation index is tracking sideways. It was a good start to the month of October for the bulls. The short term indicators for the S&P 500 are trying to turn back up. The Dow is still leading and the NASDAQ is still the laggard. That isn't the most positive scenario. Todays price action seemed more like a short squeeze than the beginning of a rally but the 4300 level has held for the S&P 500. There's now a potential short term double bottom in place there. I sold my SPY October puts for a 60% gain. The profit could have been a lot better had I dumped them earlier in the day. The entry on the trade was OK but the exit stunk even with a gain. I might try the puts again with two weeks still left in the October option cycle. Gold was up a couple bucks on the futures. Both the US dollar along with interest rates were lower. The XAU and GDX had slight fractional losses on lighter volume. GDX remains oversold and seems stuck there at this point. The fundamental factors for gold seem bearish right now. I am still looking at the January GDX calls but not with any urgency. Mentally I'm feeling frustrated as the SPY put trade was not what I had hoped it would be. I almost feel that I would have been better off just keeping it. But I did want at least some kind of profit out of it because if we see some upside follow through on Monday it probably would have returned to break even. The VIX dropped and the short term indicators turned back down which implies higher stock prices going forward. The VIX does remain above the 20 level though. The S&P does still have tops below tops and bottoms below bottoms which is the definition of a down trend. The bounce back today came right back to the neckline of the head and shoulders top. Another day higher will negate that pattern. There will be plenty to ponder over this weekend. Europe and Asia were lower to close out the week. It's Friday afternoon and time for a break.