The market got clobbered today as the Dow fell 633 points on out of this world heavy volume. The advance/declines were better than 5 to 1 negative. The summation index is now moving lower. It broke to the downside from the sideways channel. We were down from the start and heavy too. So there is something that the market knows that isn't clear to anyone watching. The Fed didn't matter as the decline was robust from the beginning. The indicators for the S&P 500 have now headed south. We're on our way to the 50 day moving average here and almost got there today. There is still a lot of froth in the market, so I don't think the selling is done yet. This could be the start of a long awaited correction. Time will tell on that. We'll see if the GDP report tomorrow means anything. We now know that the price action on Monday for the S&P was a hanging man. GE was up a few cents today on very heavy volume. Gold was off $7 on the futures. The US dollar rose on a flight to safety. The XAU fell almost 6 points, while GDX dropped 1 1/3. Volume was average. My open order for the GDX February calls was almost filled. Another day like today and it most certainly will be. I'll think it over again tonight as it looks like the gold shares are breaking down along with the overall market. But we are in the oversold region on most of the technical indicators for GDX. That said we didn't see any large scale selling in gold itself today either. That could change with margin calls of course. Mentally I'm feeling OK. The VIX soared today and closed above the 35 level. We're already short term overbought on the technical indicators on the VIX. So perhaps today will just turn out to be a one day wonder. But I wouldn't count on it. There were however a lot of stocks that gained today with volume on the most active list for the NYSE. This might just be a short covering situation though, as it has been lately for GME. GME is trading more shares everyday than its float. Crazy times there. I think that has a lot to do with todays decline as the financial stability of the markets could come into question. Just a guess on my part or perhaps there will be a whiff of more regulation. We'll see how things play out going forward. Asia was mixed and Europe lower in last nights trade. We'll see how these markets fare tonight after todays debacle in the US. Tomorrows trading proves to be interesting.