The markets got pounded today as the Dow fell 424 points on good volume.  The advance/declines were just shy of 2 to 1 negative.  The summation index is moving lower.  Well, so much for my indicators pointing towards a short term rally but I still think that is in the cards from here.  No real reason beyond the fear of higher interest rates for todays drop.  I really think that the market is about to roll over now for good.  Maybe not tomorrow or this week but soon.  If by chance we get the VIX back to 15, that would be the spot to try the SPY May puts.  Or it may be too late.  At any rate rallies, if we get them, can be shorted.  I'll be looking to get some May puts on any increase in price because the measuring objective on the patterns is a lot lower from where we are now.  We are short term oversold on the averages and a bounce is due in the next couple of sessions.  I do believe that you will be reward for taking the short side in the coming days.  Today was the warning shot.  GE was up over 1/8 on average volume.  GE has found some life after the earnings but is getting short term overbought.  Gold gained $8 on a flight to safety.  The US dollar was slightly lower.  The XAU was flat but GDX gained almost 1/3 on average volume.  Mentally I'm feeling OK.  Too late to get the SPY May puts?  I don't think so.  The chart patterns here have the potential for a major drop.  If we break the various necklines of the patterns in the major stock indices, prices will be much lower in a hurry.  It hasn't happened yet but the potential is there.  Could we rally from here back to new all time highs?  Not in the near future in my opinion.  Although the market does what usually everybody thinks it won't do.  We are moving into a seasonally weak time period for stocks as the sell in May crowd will be crowing.  But that doesn't mean it will happen.  One thing to be certain of here is that the tone of the market has changed and what used to work will not work anymore.  The VIX is giving off reliable signals in my mind.  If it gets to the 15 level, you can buy the index puts.  I think that is all you have to remember for now.  You can try and play the snap back rallies but the time frame must be short.  The stronger ideas from here on out will be the ones with negative implications for stock prices.  There is plenty of time in the May option cycle to make money on the short side.  Keep that in mind going forward.  Asia was higher and Europe mixed overnight.  We'll see what tomorrow brings.