Bouncing higher today as the Dow gained 183 points on lighter volume. The advance/declines were better than 2 to 1 positive. The summation index is trying to turn back up. The NASDAQ led the way higher today and that's a plus. The short term technical indicators for the S&P 500 are turning back up. Are we heading to new all time highs again? Perhaps but I'm in a wait and see mode for now. We'll get inflation data out tomorrow and the market reaction to that will tell us a lot. Gold rallied today as the futures were up $20. The US dollar along with interest rates went down. The XAU was up 1 2/3, while GDX gained almost 2/3. Volume was average. It appears that I've missed the uptrend here for the gold shares as the indicators have turned around and are heading higher. My order for the February calls is still out there but I'll probably end up canceling it. Might try the January calls again for a short term trade if we get a near term pullback. I'm not a fan of missing moves but what can you do? Mentally I'm feeling OK. The VIX was lower and it looks like it has room to go lower. It isn't short term oversold yet. If the market rallies tomorrow despite higher inflation and the VIX continues to go down I'll have to change my market outlook. It is never easy trying to interpret exactly what is going to happen. Running out of time in the January option cycle. Perhaps the sidelines remains the place to be for now. Europe was higher and Asia generally lower in last nights trade. We'll keep an eye on the overnight developments.