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Yesterday's move, in many cases, broke the short term downtrend in play since February. The four week trend had rattled the confidence of most investors leading many to exit the markets completely.

Interestingly, while the 8-day decline generated very little concern amongst gold bulls, Thursday's rebound from support near $900 was greeted with unrestrained exuberance.

Up or down is the question on most investors lips. The pessimist are looking for shorts and the optimist are calling a bottom. W

I wrote the other day that the market wasn't overreacting to the news that changes were coming to mark-to-market accounting rules, but I actually believe the rally thus far is a severe under-reaction.

I would say this is all a step in the right direction for the broad markets. The challenge still remains the economy and hope for improvement looking forward.

One of the catalysts for the rally was a comment made by Citigroup (NYSE: C) CEO Vikram Pandit in a letter to employees that confirmed the bank

1) One year ago, I opined that there would be legal difficulties splitting the financial guarantee insurers into municipal and non-municipal businesses.

Lowry's has shown 90% days to be effective in determining market bottoms. For those who are unaware a 90% day is a day where volume and points are 90% one directional.

Do you believe in the tooth fairy? Or, Santa Claus?? How about Standard & Poo???

As for the short signal, for a 2-day short spike play, I need to see a number of reversal candles, such as doji, hammers, shooting stars, black-filled bearish gap ups, dark cloud covers, etc.,

(NYSE: VXX), the VIX ETN launched at the end of January, set a new volume record yesterday, with 336,384 shares traded.

As the fear bubble continues to deflate, the VIX is down to 40.83 and headed for the lowest close in six weeks.

Here is my second update to the Ponzo Time Machine post. Note how the indicated range from the last update has widened in both directions from SPX 620 to 800, now applying Mar '74, Dec '76, Jan '84,

The employment report was horrible but not as bad as many had expected. And of course, General Motors (NYSE: GM) added its regular warning of pending bankruptcy,

The market was flagging all day long in a downward channel. As a multi-day/week holder of shorts and cash, the actual shape of the channel and 2-day flag/flagpole means a lot to me.

The market has tacked on a bit and appears to be consolidating yesterday's gains. It's good to see follow through past the first hour

Though we are now well into overbought territory (very short-term technicals), with the Financials even more so, you can see from the cumulative tick

. Nevertheless, while our media focused heavily on gravity's pull on the Dow and S&Ps bottom, there are a number of countries that have been hanging tougher.

Thursday the market again posted a day where 90% of the volume went to the upside. This follows Tuesday's 90% up day.

Traders and investors are looking through the current market murk and wondering if they're seeing the bottom.

The markets are sporting a remarkable advance supported by strong internals. A few small sparks on the tinder..

As long-time readers know, we put a lot of strategies to the test here. Some of those that have proven profitable we track daily on the free State of the Market (SOTM).

... and that tells us... Well, traders had to expect at least a small pullback after this week's enormous run. Not unhealthy and so far quite moderate in scope.

Of course the VIX is all about forward-looking volatility and is less concerned with historical volatility, even though there is a high degree of correlation between the two.

That's why, back in June of 2008, I wrote scores of features like this feature about $150 per barrel returning to a $75 price point.

The Market Vectors Gold Miners ETF (NYSE: GDX), which tracks an index of 31 issues, rose 1% over the past five trading sessions. Then, again, so did gold bullion.