It was a mixed bag today as the Dow gained 249 points on average volume. The advance/declines were positive. The summation index is trying to turn back up. The S&P 500 was slightly lower but the NASDAQ fell by more than 1%. The S&P remains below its 200 day moving average. Earnings are now in the drivers seat for market action either way. We do get some more Fedspeak tomorrow though. The technical indicators for the S&P 500 are trying to move higher. We're still hoping for a rise to the down trend line there in order to get short. Gold ended the day flat on the futures. The US dollar was lower along with interest rates. The XAU rose 1 2/3, while GDX added 3/8. Volume was light. The short term indicators for GDX made it back to mid-range but not completely oversold. This has been the pattern for the past two months. The option premiums are high with the extra week in the May cycle or perhaps I'd give the GDX May call trade a try right here. Buyers for the gold shares continue to show up. However I've decided to hold off for now. Mentally I'm feeling OK. The VIX was lower today as it approaches the support trend line in effect since last year. The short term indicators are declining which implies higher stock prices going forward. We'll have some decisions to make if the VIX reaches the support line. Asia was mixed and Europe higher last night. We'll see what tomorrow brings.