We started the week and the month to the downside as the Dow lost 112 points on average volume. Advance/declines were over 2 to 1 negative. I am waiting for a snap back to the downtrend line in the OEX but it isn't happening. It has the feel again that we are just going to collapse. We are in the technical territory that I explained before that it could happen. I hope it doesn't but anything could happen here. The OEX puts a very expensive so I didn't get any. I'd like to own some before Fridays employment report but it doesn't look like that will happen at this point. Gold was up $8 on the futures but the XAU fell a point. ABX up 1/2, GG up 1/8 and NEM up 7/8. All were higher earlier in the day but fell with the overall market. Volume was good. If we do get a collapse in the stock market, I'll look to pick up some gold share calls. The metal itself has held up pretty good with the stock market volatility. We'll see what happens. Mentally I'm feeling pretty good, slept well. So we are at the moment of truth again for the stock market. Will it hold up here? A solid break of the 1060 level on the S&P 500 with a close below that level will spell big trouble in my opinion. But I've been wrong before as readers of the blog are aware. So we'll see how it plays out. Summation index heading lower with todays action and about the cross the zero line. Dangerous times again in my opinion. We'll see what tomorrow brings.