Buyers returned to the marketplace today as the Dow added 184 points on light volume. The advance/declines were better than 3 to 1 positive. The summation index continues down. The NASDAQ is leading the way and was up over 200 points again. It has broken through its short term down trend line. The only caveat is the light volume. The S&P 500 is breaking through its short term down trend line as well. The short term indicators here are now moving up with room to go higher. I'm not completely sold on the down trend coming to an end here but it is certainly possible. A lot of the technical indicators were blown out to the downside despite the not so big decline that has taken place. We'll wait and see how things look going forward. Almost back up to the 50 day moving average on the S&P. Gold found buyers as well, the futures were up twenty bucks. The US dollar was lower along with interest rates. The XAU climbed 3 1/2, while GDX was up over 3/4. Volume was good to the upside. It looks like we missed the GDX call trade here and I canceled my open order. However we'd be willing to try the calls here if we get some kind of pullback in the near term. The better volume today shows that there may finally be some interest in owning the gold shares again. Mentally I'm feeling OK. The VIX was lower today and the short term indicators have turned down. This implies that stocks will continue to rise from here but the indicators are at the mid-range level. To me that means that they could go either way from here. A lot will be determined by the market reaction to the Fed chairmans speech on Friday. I'd expect tomorrow to be a waiting game. Asia and Europe were higher overnight. We'll keep an eye on tonights developments.