It was a holiday shortened session but the selling is relentless.  The Dow fell 653 points on light volume.  The advance/declines were almost 4 to 1 negative.  The summation index is heading down.  There are no buyers.  Readings on some of the technical indicators are in the extreme spot they can be in.  There will be an incredible snap back from the low but we don't know where the low will be.  The VIX is incredibly overbought.  These are interesting times.  I don't know what will turn things around but something will.  A short covering rally at the least.  But for now it's just drop, drop, drop.  My SPY January calls are dead.  It's a matter of booking the loss this year or next.  GE fell about 1/4 on light volume.  Gold rallied in a flight to safety.  It gained $15 on the futures.  The US dollar was lower.  The XAU rose 1 7/8, while GDX added 3/4.  Volume was good.  Another missed trade with the GDX calls here.  Mentally I'm feeling better, finally getting over the cold/flu.  Not much else to say here on Christmas eve.  The market is really in an extraordinary funk.  The summation index is in free fall beneath the zero line and you don't see that happen too often.  Rest assured that we'll see a healthy bounce but we just don't know from what level.  I'm also not exactly sure if this will be an extended decline time wise or something like we saw in 1998 or 1987.  For now all we can do is watch and wait.  Europe and Asia were generally lower overnight.  Merry Christmas everybody.