Still heading lower as the Dow fell 151 points on light volume. The advance/declines were just about even though. The summation index is tracking sideways. Any buying is being met with selling as the tone of the market has changed. Today the market was higher early on only to close on the lows of the day. The short term technical indicators for the S&P 500 have rolled over. If we get a bounce in stocks the next couple of sessions, I'd be willing to try the SPY September puts on Tuesday of next week. If we head lower tomorrow, I'd be willing to try the SPY September calls on weakness Monday. That is how I'm thinking thngs will shape up here in the very short term. Looking further out there, I'm considering the SPY October puts when more of the time premium in them expires. The price action in the S&P has been sloppy lately. However the NASDAQ has held up rather well and I don't see any huge moves lower unless we start to see more weakness there. Gold was up five bucks. The US dollar was slightly lower and interest rates dropped. The XAU fell 1 1/4, while GDX lost 1/4. Volume was average. Still waiting for GDX to get oversold, not there yet. Mentally I'm feeling OK. The VIX was higher today and the indicators here have now turned up. The VIX now appears to be saying that move selling is to come. I don't disagree with that but the timing is key. Could things fall apart tomorrow, yes there is that possibility. I guess at this stage I'm hoping that they don't because I'd like to get on board and profit from a drop. Perhaps early this morning was the opportunity that I was looking for but we'll only know that after the fact. So we'll see how things go tomorrow. Europe and Asia were mixed. We'll close out the short trading week tomorrow.