Look out below as the market continues to fall apart. The Dow fell 653 points on pretty heavy volume. The advance/declines were better than 7 to 1 negative. The summation index is heading lower. The final area of support for the major indices gave way and we'll just have to wait and see where support now shows up. The NASDAQ was once again the leader to the downside. Oversold and staying that way for the S&P 500. The 20% lower bear market there is at around 3840. At this point that seems like only a matter of time. The smaller stock indexes have already lost over 20%. Blown out to the downside on many of the indicators and at areas that usually lead to at least bounces if not rallies themselves. But there are no buyers. Inflation data due out on Wednesday and Thursday. Hold on to your seats. Gold got slammed again and the futures dropped thirty bucks. We're at the the support of $1850. The US dollar was a bit higher and interest rates dropped. The XAU fell 8 1/2, while GDX sled 2 points. Volume was good to the downside. I did try the GDX May calls again and the order was filled. It's showing a loss already and if the gold shares continue lower with the market this trade will get stopped out tomorrow. I'm considering going out to the June contract for GDX if this trade doesn't work. Silver is at the last area of support and closed below $22. Mentally I'm feeling OK. The VIX climbed higher again and remains short term overbought. It almost closed above the 35 level. Interesting to say the least. There's no reason it can't go higher but stocks are very oversold. Perhaps we'll get some kind of capitulation wash out this week. That's simply a guess because the fundamentals for owning stocks right now are negative. That said, the selling won't go on forever. Below the zero line on the summation index and moving lower. Not often seen but that is what's happening now. Europe and Asia were down as it's a worldwide sell off. We'll keep an eye on tonights developments.