1997 Toyota Camry Bad thermostat or a blown head gasket?

I have a 1997 Camry that I suspect may either have a bad thermostat or a blown head gasket. The symptoms are: 1.) runs really hot. I noticed the exhaust manifold was red hot after I drove it just around the block on a cold winter night. Although the temperature gauge shows only halfway (normal level). 2.) upper hose slightly bulging and shows pressure after a short drive 3.) sound of water rushing back and forth on the upper hose 4.) same with the reservoir tank, which fills up with coolant, then subsides back to normal after it cools down. 5.) does not indicate a substantial lost of coolant. 6.) no coolant leak on the ground 7.) radiator is less than six months old and no visible leak. 8.) I have not checked the fan.