It was a one day reversal to the downside to start a shortened trading week.  The Dow fell 238 points on heavy volume.  The advance/declines were 2 to 1 negative.  The summation index is heading lower.  It looks like I won't be getting a chance to try the SPY June puts unless things turn around tomorrow.  The S&P is right at the support at the 2800 level.  It certainly doesn't feel like things will hold up here.  Buyers are on strike as it appears a slow down in economic activity is in the cards.  At least that is what the bond market is saying as yields have dropped.  It looks like the potential head and shoulders tops on some of the major indices are about to manifest themselves.  The market really needs to hold on tomorrow or it will bet ugly and fast.  GE dropped around 1/8 on average volume.  Gold was off about $5 as the US dollar was higher.  The XAU and GDX had fractional losses on very light volume.  No flight to safety here and gold remains unloved.  I am still looking at the longer term gold share calls though.  But there is no hurry to purchase them despite the oversold technical condition in my view.  Mentally I'm feeling OK.  The market cannot seem to hold on to any gains lately.  Todays price action was particularly negative as we reversed course and then closed on the lows for the day.  The short term technical indicators also rolled over from an already oversold condition.  The levels to watch are 2800 on the S&P 500 and 1500 on RUT.  A decisive break on either one will spell doom for the bulls.  We're in a negative seasonal time frame as well.  So heading lower would not be a surprise.  The index options remain pricey though as there is still a lot of time left in the June option cycle.  I can only hope that things hold up here for a better entry point but I doubt it.  Asia was higher and Europe lower last night.  We'll be keeping a close eye on what transpires in the markets tomorrow.