After yesterdays historic up move, the indices gave back some of those gains as short term traders were able to lock in significant profits.Earnings reports are beginning to come in and we will see how the market's react to this news. Follow the reaction closely if announcements are negative and the market reacts bullish to the news. Positive moves in face of negative news is bullish and indicates sellers are washout of the market. Volatility remains very high, this remains a day traders type market. The ranges of the 5 minutes bars of the past few days matches the daily ranges of 2004. The movement we see in 5 minutes use to take all day to achieve in 04. Thus a day worth of movement today is equivalent to 6 months of movement in 04.