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.