Abstract: A hook setting fishing buoy is disclosed having a container with an inner compartment, a spring secured within the compartment and movable between a tensioned position and an untensioned position, a line operatively connected to the spring so that the spring may provide a hook setting force to the line when the spring moves from the tensioned position to the untensioned position and a catch connected to the buoy to releasably retain the spring in a tensioned position until a force is applied to the line. A signal, such as a light, may be operatively connected to the spring to indicate when the spring has moved to the untensioned position, and the spring and signal may be secured to a card that is removably disposed within the compartment.