Bouncing back today as the Dow was up 370 points on heavy volume. The advance/declines were around 2 to 1 positive. The summation index is beginning to track sideways. We had an early rally and then traded sideways for the rest of the session. The NASDAQ led the way higher and that's a plus. The short term indicators for the S&P are back to pointing higher at the mid-range level. So things could still go either way here. We are on the sidelines with regards to the SPY options for now. Gold was off forty bucks on the futures. The US dollar was slightly higher as were interest rates. The XAU was up 6 points and GDX added 1/2. Volume was light. The gold shares continue with better relative performance than the price of gold and that is a plus. I'm still in the camp that favors lower gold prices though and I am leaving my open order for the GDX March puts out there. The short term indicators for GDX are beginning to stall and some have made it to overbought territory. Mentally I'm feeling OK. The VIX was lower and closed below the 20 level. The short term indicators here are hanging around the mid-range level. The up trend line that began at the beginning of the year remains in place for the VIX. Not sure what's coming next here. Stocks have been trading sideways since the end of last year. Still waiting to see who wins this battle. For the S&P 500 it's 7000 at the top and 6800 on the bottom. Might have to jump on board once we see a breakout. Asia was mixed and Europe little changed in last nights trade. I'll keep an eye on the overnight developments.