Down hard on the day as the Dow loses 345 points on heavy volume. Advance/declines were over 5 to 1 negative. Most likely the summation index is turning down after today. It feels like another worldwide margin call as everything is being sold to raise cash. How long this will last is anybodies guess. We are getting short term oversold but aren't there yet. Gold lost $5 today but the XAU continues weak, off 5 1/2 points. ABX, GG and NEM were all lower with NEM leading the way almost $2 lower. Volume was heavy again. I bought some more GG calls for October. This didn't work the last time I tried it but the gold shares are so blown out here I had to give it another try. The original GG calls are under water. I think that the gold shares are a screaming buy here. We are seeing a flight to the US dollar on the fear factor. Eventually that should work its way to gold. We'll see. GE lost over 3/4 on good volume. I'm looking at October calls there at some point. Mentally I'm doing OK, did not sleep that well. So it is hard to tell exactly what is going on here at the moment. We had a huge reversal on Tuesday and it has proven to be valid. Everything is being sold. Could it be the beginning of a deflationary period for assets? I don't know. I usually go on the technicals or at least try to. Employment report tomorrow and I can't expect that to be robust. We'll have to see the reaction to it. Perhaps we will remain weak to the September expiration. But I certainly don't know. Tomorrow should be interesting.