What was supposed to be a quiet week was anything but that today as the Dow fell 333 points on light volume. The advance/declines were around 5 to 1 negative. The summation index is back to moving down. Which could turn into a real problem considering how close it is to the zero line. The recent three day rally on light volume could have been a snap back to the up trend line that was broken in the S&P. We had a gap lower at the open but the S&P 500 did make it up from the lows of the session and bounced off of its 50 day moving average. The short term indicators here are beginning to roll over though. Todays decline was led by the NASDAQ which lost 1 1/2%. So we are now left with more questions than answers going forward. Gold dropped $22 on the futures. The US dollar was slightly lower and interest rates were higher for the most part. The XAU fell a little over a point, while GDX shed around 1/4. Volume was light. GDX is short term oversold and staying there which is never a good sign. I'm still in the camp of waiting for GDX to return to its longer term up trend line at around 29-30. But as lawys things could change. Mentally I'm feeling OK. The VIX was higher today but well off the highs for the session. This leads me to perhaps believe that today was a one off for the stock market. The short term indicators on the VIX are starting to move sideways, not up. So we have to be careful not to get too bearish even though the summation index is near the zero line. There will be plenty of work to do and charts to consider over the weekend. More of the traders will return next week even though it is another holiday week for New Years day. So hopefully we can get a better idea of where things are going. Europe and Asia finished higher to close out the week. It's Friday afternoon and time for a break.