The Dow led the way lower today as it dropped 171 points on average volume. The advance/declines were positive though. The summation index is starting to move sideways. The overall market did not drop as much as the Dow. The S&P 500 held up at its 50 day moving average. The short term indicators still have room to fall but they could just as easily turn around after todays price action. We'll see how things react to the jobs report and take it from there. The gold futures lost another $10 today. Rates were steady and the US dollar was slightly higher. The XAU fell 4 1/4, while GDX lost over a point. Volume was good to the downside. The short term indicators here are on their way to becoming oversold. Mentally I'm feeling OK. The VIX was a bit lower today and remains below the 20 level. I get the feeling that things could go either way with the VIX from here. The fact that the market did not sell off again today makes me think that tomorrow could be a positive session for stocks. However I do not have a decent signal to trade the SPY options so I will therefore be sitting things out for now. Still a couple of weeks to go in the January option cycle. Europe and Asia were lower overnight. All eyes on the employment report tomorrow to finish off the first week of the new year.