Some overdue selling today as the Dow fell 449 points on average volume. The advance/declines were negative. The summation index is moving up. The big 3 of the major averages, the Dow, S&P 500 and the NASDAQ all had around the same percentage loss. That says that this isn't the beginning of a huge decline most likely. The market is digesting the recent stellar gains and then it will decide where to go from that. We're still short term overbought on some of the indicators for the S&P. 4550 remains the level to watch in order to try the SPY April puts. Volume was relatively lighter than it has been so there was no rush for the exits. Gold found a bid and the futures rose $25. The US dollar was slightly higher while interest rates turned lower. The XAU was up over 3 and GDX gained about a point. Volume was lighter than it's been lately. The short term technical indicators have turned up from their mid-range position. So perhaps we are going to miss the next leg up here. We'll see if we get any follow through tomorrow. Mentally I'm feeling OK. The VIX was only slightly higher today and remains short term oversold. Not sure what that means going forward. I'm still hoping that the VIX makes it to the 20 level in order to try those SPY April puts. The market rarely cooperates. We remain patient for now. Plenty of time left in the April option cycle. It looks like we'll let this week go by and take it from there. Asia was higher and Europe lower overnight. We'll see how things go tomorrow.