Every time this market looks like it is about to roll-over, we get a nice burst of buying and things become all better.  Here is a quick recap of the current market environment from IBD.

The indexes opened lower in mixed volume, sliding nearly 1% in the first 15 minutes of trade. Continued worries over Greece’s fiscal woes and a disappointing jobless claims report weighed on the market.

But by early afternoon, the indexes had erased those losses.

The day’s action was encouraging in the wake of Wednesday’s sell-off. The indexes suffered distribution Wednesday, making it four for the NYSE-tied indexes in the past few weeks.

The Nasdaq is carrying three distribution days, though there are some asterisks. One distribution day for all four indexes was in a quadruple witching session, which routinely inflates volume.

Wednesday’s distribution day for the Nasdaq, which came with a modest 0.2% loss, was also a muddy read.

Some of these Greek concerns are causing a stir in the price of gold.  Let’s look at a chart.

(GLD: 121.86 -0.43) looks to be putting in a inverse head and shoulders bottom pattern in right now.  I have drawn the neckline in blue.  This pattern is suggesting a move to the old highs set at the end of last year could be in store.  The bottom of the head ($104) to the neckline ($112) is $8.  The current price ($112) plus $8 would give you $120.  The high set in 2009 was $119.54.  Look for a heavy volume push as this ETF breaks the current neckline for a buy signal.

For those traders look for some fast moving action, take a look at (DGP: 33.43 -0.21).  This is the gold double long version of (GLD: 121.86 -0.43).

Happy hunting!