Volatility made a comeback today as the Dow fell 375 points on average volume. The advance/declines were 2 to 1 negative. The summation index is tracking sideways. We had a huge gap down at the open as it looked as though things were going to fall apart. But they didn't. After the first half hour the market climbed higher the rest of the day to cut the losses. The Dow was the under performer on the session. GDP came in light and META disappointed on its earnings report. The S&P 500 finished well off of its lows for the day. The short term indicators look like they are beginning to stall. But the fact that it held up today I think bodes well going forward for the bulls. We'll see what happens with the inflation news tomorrow. Gold was up $6 on the futures. The US dollar was lower and interest rates continued to rise. The gold shares had a stellar day as the XAU climbed 4 1/8 while GDX jumped over 1 1/8. Volume was very heavy to the upside. The gold indices were helped by NEM rising 12% on its earnings numbers. The short term indicators for GDX are now moving higher. I canceled my open order for the GDX May calls as I've missed this move higher. I might decide to chase things here as money continues to pour into the gold shares. Gone and already forgotten was the seventy dollar drop in gold on Monday. Mentally I'm feeling a bit frustrated as my order for the GDX May calls this week wasn't filled. Perhaps I just did not place it properly but there is plenty of time left in the May option cycle. Al least the idea is working as we cannot deny the interest in gold the past couple of months. The VIX was down today which doesn't fit with a down market. Getting to short term oversold on the technical indicators. Still above the 50 and 200 moving averages on the VIX. Not sure what to expect next here. Asia was mixed and Europe generally lower in last nights trade. We'll check the market reaction to the inflation data tomorrow.