Heading lower today as the Dow fell 85 points on average volume. The advance/declines were around 2 to 1 negative. The summation index is heading back down. The market opened with a gap down and sold off for the first half of the session. It them made a comeback to cut the loss in half. The S&P 500 remains short term overbought here. I'm still thinking about getting some SPY August puts on Thursday if things hold up until then. We'll get the Fed tomorrow and nothing new is expected there. But you never know. Earnings continue to pour in and have been positve so far for the most part. GE bounced around a lot today and finished with a gain over 1/8 on heavy volume. The reverse stock split will go in effect soon and I will probably discontinue following GE after that. Gold was up a few bucks on the futures today. The US dollar along with interest rates were a bit lower. The XAU and GDX were little changed on light volume. I'm trying to wait to purchase some GDX September calls here. We are more oversold than overbought on the short term indicators. However if my thesis of lower stock prices takes hold, the gold shares will probably fall with it. I deally I'd like to get long GDX if it heads to the 31 level. That may just be wishful thinking. Mentally I'm feeling OK. The VIX was higher today and briefly made it over the 20 level. A move here back down to the 50 day moving average and mid Bollinger band line will be my cue to purcahse the SPY August puts. In a perfect world this would happen on Thursday morning. For now we'll just deal with the Fed tomorrow and go from there. Asia was mixed again and Europe lower. We'll see what tomorrow brings.