Lower today as the Dow fell 269 points on light volume. The advance/declines were around 3 to 1 negative. The summation index is still moving up. The S&P 500 led the way lower. Still moving sideways here as it is trying to make up its mind which way to go. Despite todays drop the S&P remains short term overbought. The TRAN took a hit today which could cause trouble for the bulls going forward. Tomorrow should be a waiting game on Fridays inflation report. Gold finished up a couple bucks. The US dollar was a little higher along with interest rates. The XAU and GDX had fractional losses on very light volume. Remaining on the sidelines for any GDX trades for now. Mentally I'm feeling OK. The VIX finished a bit lower today despite the drop in equity prices. That does not fit the usual relationship. Remaining short term oversold here and this won't last forever. Not sure where the VIX goes from here. We're still waiting for the S&P to get back to the next line of resistance that now stands at around 4225. The S&P has trended sideways for about 2 weeks as it decides what to do next. Only 7 days left in the June option cycle so the risk on doing something here is pretty high. We'll try and stay patient to wait for the opportune time. Asia higher and Europe lower in last nights trade. We'll keep an eye on tonights developments.