What a turn around

Wow, The markets were up huge , then down huge and then managed to close in the plus side.
What happened was the S&P tested its 50 day mvg avg. at around 793 , goign below it for a while and then turned up , can anyone say volatility?
This shows that the bulls will not give up easily , then Rally has proven it has staying power.
The old Wall Street axiom comes to mind, " The trend is your friend". In this case the bullish trend did not quit on us intra-day.
So once again , I would not short this market until it proves that its exhausted.
The index p/c came in high because of the intra-day plunge.
The equity p/c remains stubbornly low but that has not hurt the rally, Not yet I should say.
But when the earnings saeson starts , that will be a true test.