The selling continues but the Dow only lost 4 points on average volume. The advance/declines were slightly positive. The summation index is moving sideways. Once again the NASDAQ led the way lower and that is a negative. The payroll numbers were mixed with job creation coming in lower than expected. The S&P 500 still managed to close above its 50 day moving average. I'm expecting some kind of bounce here in the next day or two. Whether or not it turns into the next leg up remains to be seen. The short term indicators here are now mid-range. Gold was up five bucks on the futures. The US dollar was lower and interest rates continued their climb. The XAU gained a point, while GDX added 1/4. Volume was average. GDX is still not completely oversold. If it drops another point to 29, I'll try the February calls there. Mentally I'm feeling OK. The VIX was back down today despite the drop in prices. Not exactly sure what that means. The short term indicators are rolling back over. Perhaps we are setting up for the bounce and then we'll see what happens. The NASDAQ is at its near term support and is getting short term oversold. Other stock indices have held up better but the NASDAQ is generally the leader both up and down. If it would continue to drop from here it would spell trouble. We also are not seeing the usual beginning of the year rally. It's a time for caution in my view as the weak beginning to the new year along with the rise in interest rates are not positive events. We'll be going over the charts as usual this weekend to try and develop some type of game plan for the remaining January option cycle. There will be less than 2 weeks remaining due to a holiday on the 17th. Europe was generally lower with Asia mixed to close out the week. It's Friday afternoon and time for a break.