To the upside today as the Dow gained 264 points on light volume. The advance/declines were better than 2 to 1 positive. The summation index is moving up. We got a signal from the McClellan oscillator last night for a big move and today qualifies as that. The gains were spread out to all the major stock indices. The S&P 500 remains short term overbought. Waiting for SPY to get above the 420 level before thinking about trying the June puts there. Volume has been lacking on this rise. Gold was up a dozen on the futures. The US dollar was lower along with interest rates. The XAU and GDX had fractional gains on light volume. The gold shares are trending sideways. Mentally I'm feeling a bit tired. The VIX dropped below resistance today and that's a plus for stocks. It remains short term overbought and staying that way which usually means higher equity prices. The next resistance comes in at the 200 day moving average and then the final trend line at the 20 level. If it somehow goes straight down to 20, that would be the ideal time to try the index puts. The market rarely cooperates with the best laid plans so I would not hold my breath for this one. The Russell 2000 is acting better here and it led the way down and perhaps is now leading the way up. However the volume remains on the light side and that is not a sign of strength. We cannot argue with price though. Asia was mixed and Europe lower overnight. We'll see what tomorrow brings.