It was a one day reversal to the downside as the market opend higher and closed lower. The Dow lost 87 points on average volume. The advance/declines were about even. The summation index is moving down. The inflation data came in high as expected. The stock and bond markets rallied at the open. However stocks lost their momentum and rolled over for the rest of the day. The S&P 500 is now short term oversold. Only 2 days left in this weeks trading. I'd expect some kind of bounce before the end of the week but who knows? I'm on the sidelines with regards to the SPY for now. Gold gained around $25 on the futures. The US dollar was higher and interest rates fell. The XAU rose about 1 1/8, while GDX added 1/3. The gold shares did drop from their best levels of the day. Volume was average. I adjusted the stop on my GDX April call order and it eventually got filled. It was a lousy exit to this trade that could have been worth more had I managed it better. I guess I just got greedy. The gain was 160%. The gold shares remain short term overbought but I still like the calls again if we ever do get oversold. Mentally I'm disappointed that the GDX trade didn't go as good as it could have. I should have locked in a bigger profit. But as always that trade is done and it doesn't matter now. You've got to keep moving forward in the game. The VIX was a little lower today and is short term overbought. It too says some kind of bounce is imminent. That doesn't mean it will happen though. The market tried to rally today and failed. We'll see how it reacts to the producer prices tomorrow. Europe and Asia were lower overnight with the exception of China and Hong Kong. We'll keep an eye on tonights developments.