Volatility returns with tariff drama as the Dow fell 122 points on good volume. The advance/declines were 2 to 1 negative. The summation index is beginning to stall. We had a huge gap lower at the open as tariffs were announced to begin. Then there was a reprieve on some of the tariffs and the market rallied back. It didn't make it all the way back but the losses were certainly cut. This is the problem with a headline driven environment. The moves can be sharp and turn on a dime. The NASDAQ led the way lower and that is not a plus. The S&P 500 closed below its 50 day moving average and the short term indicators are begining to turn down. Not sure now if the SPY February calls are the way to go right now. Still waiting on some kind of valid technical signal for the next trade. Remaining patient for now. Gold bounced around and finished up twenty bucks on the futures. The US dollar was higher but off from the best levels on the day. Interest rates finished little changed. The XAU gained 2 1/4, while GDX added 5/8. Volume was average. GDX remains short term overbought and I'm not considering any trades there at the moment. Mentally I'm feeling OK. The VIX was higher today and at one point was above the 20 level. The short term indicators are moving up with room to go. Not sure what to expect next from the VIX. A roller coaster ride today for stcoks but where do we go from here? We still have earnings to contend with along with Fridays jobs report on tap this week. Plus whatever sound bite that comes out of the president. Interesting times. Asia and Europe were down on the tariff news. We'll keep an eye on the overnight developments.