Down is the direction as the Dow lost 134 points on average volume. Advance/declines were 3 to 1 negative. What else can I say? We are headed lower. I will try and get short on any snap back rally. No interest in owning stocks at the moment. The housing data was awful and we already knew that. GDP data on Friday and that will look bad most likely as well. Oversold, staying there and that isn't changing. We'll see how it goes. Gold was up $5 but the XAU fell 2 2/3. ABX, GG and NEM all had fractional losses on average volume. The Gold/XAU ratio is back in the buy zone. Perhaps I'll take a look at the September calls again. Maybe check Octobers while I'm at it. The dollar dropped a touch today. Gold is holding up rather well here. But it is summer, so things may not be as they appear. September is historically a good month for the precious metal though. But if the overall market tanks it will take everything with it. Mentally I'm feeling OK. Still trying to wait for some type of bounce. I'm sure that I'm not the only one. Perhaps a bounce will never come. There is no doubt that we are going lower, the only question is how far?