It was back to the downside today as the Dow dropped 741 points on good volume. The advance/declines were around 9 to 1 negative. The summation index is moving lower. The NASDAQ led the way down. The S&P 500 got close to the 3600 level that we've been looking for. It remains short term oversold. It didn't close on the lows for the day for a change. Buyers are scarce. There is a worldwide heading for the exits in stocks as rates rise and inflation is the main concern. We are blown out to the downside again and some kind of relief rally is overdue and I mean for more than a day. The S&P remains pretty far from its 50 day moving average. Expiration Friday on tap and who knows what will go on there? Gold attracted buyers as the futures rose $35. The US dollar was lower along with interest rates. Gold and bonds finally got a flight to safety bid. The XAU was up 1 3/8, while GDX added 1/2. Volume was good here. The short term indicators for GDX have turned back up. Maybe we can get a rally going but the gold shares should have done better with gold up $35. Perhaps we can blame that on the overall market decline today. My GDX July calls made it back to break even. Mentally I'm feeling OK. The VIX moved back up but did finish off of the highs for the session. Not sure what to expect next here. Remaining short term overbought on the VIX but volatility has been the rule. Europe and Asia were down. Expiration Friday looms and we'll close out another wild week on Wall street tomorrow.