Bouncing back as the Dow rose 75 points on good volume. The advance/declines were better than 2 to 1 positive. The summation index continues sideways. The NASDAQ led the way but we certainly did not make up yesterdays losses. However the selling was met by buying once again and the longer term up trend line for the S&P 500 remains intact. Still short term overbought there but not as much as it has been recently. I would guess that tomorrow will be a wait and see session, with the employment data due out on Friday. Unless the Fed chairman says something different than todays testimony before Congress. I'm still thinking about the SPY March puts, perhaps next week. Gold was up a dozen on the futures. The US dollar was lower and interest rates held steady. The XAU was up 2 1/4, while GDX added 1/2. Volume remains above average on the gold shares but they did finish below the highs on the session. The gold shares are due for a rest as they have gone straight up for a little over a week. They are also trading above the upper Bollinger band. Not sure how much longer to hold onto the GDX March calls. They are still showing a nice profit. Again, the management of the trade is key. Still seven days to go in the March option cycle. Gold itself has broken out to new all time highs with no overhead resistance. The trading is never easy. Mentally I'm feeling OK. The VIX was barely higher today and that doesn't fit with an up market. Now I'm not sure where it's headed next. Europe and Asia finished higher overnight. We'll keep an eye on tonights headlines.