Selling took hold today as the Dow fell 339 points on light volume. The advance/declines were negative. The summation index is still trying to turn back up here. The NASDAQ was the leader to the downside. The S&P 500 remains short term oversold and in a sideways channel. I thought that the S&P was forming some kind of base and that prices would move higher from here. However the market just keeps moving sideways with no resolution. Now I am not sure what to expect next. We are getting some bullish signals from some of the indicators but the market is not responding. I'm staying on the sidelines for now with regards to any SPY trades. Gold saw selling today as the futures were off twenty bucks. The US dollar was higher along with interest rates. The XAU and GDX had fractional losses on average volume. The gold shares held up better than the metal itself again and that's a plus. GDX is short term overbought and I just can't bring myself to purchase the calls here with that technical condition. But in up trends the overbought condition can last for quite a while. It's never easy in this game. Money does continue to flow into the gold shares though. Mentally I'm feeling indecisive. I can't really make up my mind what to do here so I'm still on the sidelines. The VIX was off today but down from its best levels on the session. The short term indicators remain at mid-range. I'm not about to predict which way the VIX goes from here as it has had a mind of its own lately. We'll get the employment report tomorrow and it should provide the catalyst to get prices moving one way or the other. After tomorrow there's still a couple of weeks left in the January option cycle. So there's plenty of time for a trade. Asia was up and Europe mixed in last nights trade. All eyes on tomorrows jobs report.