Some selling today as the Dow fell 266 points on average volume. The advance/declines were better than 2 to 1 negative. The summation index is still trending up. The Dow was the worst performer today as the NASDAQ only finished flat. The S&P 500 was down but much less percentagewise than the Dow. The short term indicators are trying to roll over for the S&P but remain in overbought territory. Perhaps we will get a shot at the SPY November calls going forward. Some selling is to be expected because we were at overbought extremes. Gold was up a few bucks on the futures. The US dollar was a bit lower and interest rates dropped. The XAU dropped a point, while GDX was off fractionally. Volume was light. The gold shares continue to hold up well. My open order for the GDX January calls remains. Mentally I'm feeling OK. The VIX was higher again today and is relieving its oversold condition. Is this the beginning of a sustained decline? I don't think so. The short term indicators for the VIX have now turned around and are moving up. We'll keep an eye on it but I think a pause in the rally is about all we'll see. I could be wrong. Earnings continue to arrive and they haven't been all that bad. We'll get the first look at the 3rd quarter GDP tomorrow. Europe and Asia were lower overnight. We'll keep an eye out on tonights headlines.