It certainly wasn't a quiet session today as the market had a huge gap down to start the session. It spent the rest of the day battling back and the Dow finished with a loss of 23 points on the continues heavy volume. The advance/declines were negative. The summation index is still moving up. The overall market was weaker than the Dow with the NASDAQ leading the way lower. That is not a good sign for the bulls. It also makes tomorrows reaction to the jobs report even more important than it might have been. If we are on the verge of a rollover here, the double top in the S&P 500 has a long way to go lower. But that hasn't happened yet and we'll know more after tomorrow hopefully. The S&P remains short term overbought. GE was up a penny on average volume. Gold got clobbered today as the futures dropped $37. The US dollar was up and so were interest rates. The XAU fell 5 3/4, while GDX lost 1 1/3 on good volume. The gold shares had a gap to the downside at the open as well and the recent consolidation there now appears to have been distribution. That doesn't bode well for my GDX June calls as the open order that I had out there was filled this morning. That trade stands now at around break even. I'll have to decide what to do with it at tomorrows open. Unless there's a dramatic turnaround it now appears that gold and the gold shares are headed lower. Mentally I'm feeling OK. The VIX finished just slightly higher and remain short term oversold. Not getting a good feel one way or the other from this indicator at the moment. At this point it's just a matter of waiting for tomorrows market open and deciding where to go from there. There's still 2 weeks to go in the June option cycle but with todays sharp turnaround in gold and the gold shares, being on the long side there does not appear to be a good idea. We'll see how it goes tomorrow. Asia was generally higher and Europe mixed overnight. All eyes on the employment numbers Friday morning.