It was off to the races from the start but some of the gains were later lost as the Dow rose 99 points on good volume. The advance/declines were positive. The summation index is trending higher. The overall market fared much better than the Dow with the NASDAQ leading the way and up over 2 1/2%. The S&P 500 also fell off from the highs of the session but did gain over 1 1/2%. No surprises from the Fed and that was all stocks needed to keep todays rally going. The short term down trend line on the S&P 500 has been broken to the upside. The indicators here are moving higher with plenty of room to go. I'm not saying that we are going back to new all time highs but who knows? The 50 day moving average held for now on the S&P. Gold was up over forty bucks on the futures to a new all time high and just shy of $2500. The US dollar was lower along with interest rates. The XAU climbed 3 7/8, while GDX added a point. Volume was good here. The short term indicators for GDX are moving up with room to go. I canceled my open order for the GDX August calls as it looks like I've missed this move higher in GDX again. The question now is do we chase it? Mentally I'm feeling OK. The VIX was lower today and remains short term overbought. I would have thought that it would move even lower today given the rally in the overall market. Not exactly sure what the story is here. Not sure how much of todays rally was short covering or end of the month gyrations. The daily candlestick for today on the Dow looks like a shooting star. Same for the Russell 2000. But we'll have to see where we go from here. Beginning of August tomorrow and the jobs report due on Friday. Europe and Asia finished higher as we saw buying around the globe overnight. I'll keep an eye on tonights headlines.