No upside follow through to yesterdays terrific gains as the Dow lost 144 points on heavy volume. The advance/declines were negative. The summation index is still heading lower. It was a back and forth session with the bears taking control in the final hour. The overall market was weaker than the Dow with the NASDAQ leading the way lower. The Bollinger bands for the S&P 500 are starting to get closer. The short term technical indicators are now mid-range. I'm still giving the benfit of the doubt to the bulls for now. No SPY trades in mind at the moment. GE was off 1/8 on average volume. Gold was up ten bucks on the futures as the US dollar was lower. The XAU gained 4 1/2, while GDX rose a point. Volume was average. I did place an open order for some GDX March calls overnight but it wasn't filled. The techncial indicators had gotten to the point to give the calls there another try. Now that we've bounced I'm not sure whether to chase things here or not. I think that the April GDX calls would be a better idea at some point this month. We'll just have to take it day to day and see what plays out with regards to the gold shares. Mentally I'm feeling OK. The VIX was only up slightly today as it hangs around the 50 day moving average. The 50 day moving average has held things in check for the major stock averages so far. I'm expecting it to hold. I am however keeping a close watch on the NASDAQ, as it is back to its 50 day moving average and has been leading the way lower. I'm not getting a good feel on what's happening with the stock market at the moment. I am still bullish though unless we start breaking those 50 day moving averages. The economic data has been coming out a little better than where expceted so far this week. All eyes will be on the employment report due out on Friday. Asia was lower and Europe a bit higher in lst nights trade. We'll see what tomorrow brings.