Sellers took over on Wednesday as the Dow fell 352 points on average volume. The advance/declines were better than 3 to 1 negative. The summation index is moving down. I had thought that it would turn around here at the zero line but that isn't happening. Caution is advised. The NASDAQ led the way lower and that is a negative. Things didn't exactly fall apart but that possibility now looms. Some of the short term indicators on the S&P 500 have turned down and its daily candlestick chart now has a bearish formation on it. Not exactly sure what happens next here so I'll remain on the sidelines for now. Gold lost $54 on the futures. The US dollar was higher and so were interest rates. The XAU fell 16 2/3, while GDX lost 4 1/4. Volume was good to the downside. Yesterday I was concerned about missing the next leg higher in the gold shares. Today, not so much. I considered chasing the gold shares higher yesterday but thankfully did not. The short term indicators for GDX have turned back down and are not yet oversold. GDX is already back below the down trend line that it broke yesterday. Back on the sidelines with regards to the GDX options for now as well. Mentally I'm feeling OK. The VIX was higher today and that fits with a down market. The short term indicators here are turning up. We'll see if there is any follow through higher tomorrow. China and the US get together for a meeting of their leaders tomorrow. What comes out of that might get the markets going one way or the other. Asia was mixed and Europe lower overnight. We'll keep an eye on the overnight developments.