Calm at the surface but many things going on in the markets

Maybe even the sufrace is not so calm, markets were up huge and then the DOW went negative for a while and now again is up. Gold is down and Oil is up just a bit.
I think we will get a good rally which lasts a few weeks at least somewhere here. Maybe we break 800 today but we can still get the rally.
APPLE reports today after market close, just imagine them giving a great report, that will be enough to spark a rally.
In my opinion the bar is so low for apple , all they have to do is not warn or take next quarter estimates down by a lot, that will be enough for a rally.
Many other companies report too but APPL is the most important.
The p/c ratio is now getting higher, meaning folks are turning bearish, meaning thats a good contrarian signal for a rally to start.
Why? Thats a whole different topic but in short , when folks are bearish they are not invested and already have sold their holdings , there is money on the sidelines and its easy to positively surprise the markets.
Example APPLE, all the bad news is reflected in the stock now , so any good news, or the perception of good news sends its higher.
Having said that I am staying away from the stock. I usually do not buy just before earnings as volatility is high. Also the news has a chance of getting worse.
Plus the options get very expensive before earnings as the implied volatility goes very high and then after earnings its plummets ( will explain that later in detail ).
BTW Gold is now higher than the S&P 500.