Moving back to the upside as the Dow climbed 930 points on heavy volume. The advance/declines were around 3 to 1 positive. The summation index is now trying to turn back up. The inflation data was higher than expected but the market rallied anyway. That tells us something because when the market ignores bad news it is probably ready to move higher. There might be some backing and filling but our guess would be that this decline has run its course. Unless we see some kind of big 1000 point decline in the Dow tomorrow but I doubt it. The short term indicators for the S&P 500 have turned up. It also closed above the short term down trend line that was in effect. No SPY option trades in mind right now with only five days left in the June option cycle but that could change. Gold was up $96 on the futures. The US dollar was lower and so were interest rates. The XAU was up around 16 3/4 and GDX added about 4. Volume was heavy to the upside. I did place an open order for the GDX July calls overnight but it wasn't filled. I am leaving it out there but it may be too late already. The short term indicators for GDX are turning back up but remain oversold. Mentally I'm feeling OK. The VIX was lower today and that fits with the rally. Back below the 20 level and the short term indicators here are heading lower. If the VIX can stay below 20 we'll know that the decline is over. If it can't our thinking here will be wrong. So it is something to keep an eye on. Another factor to consider is todays big rally out of nowhere. Sometimes in longer declines this is what you see before quickly turning back down. So market action tomorrow is something to be closely watched as well. Europe was higher and Asia generally lower overnight. We'll close out the trading week tomorrow.