Sellers had the upper hand again today as the Dow lost 198 points on light volume. The advance/declines were negative. The summation index is now heading sideways. Lower from the start today although the market did cut its losses in the final three hours. The NASDAQ led the way lower and that is not a plus for the bulls. It wasn't a complete rout though so we'll see how it goes tomorrow. The short term indicators on the S&P 500 have now turned lower with plenty of room to continue. But I'm not exactly sure what's next for the market going forward. The Feds beige book was a non-event. We are going to stay on the sidelines with regards to the SPY for now. Gold was off ten bucks on the futures. The US dollar was flat and interest rates continued to rise. The XAU had a slight fractional loss, while GDX finished flat. Volume was light. My open order for the GDX October calls remains out there. The fact that the gold shares didn't drop with the loss in gold today should be a positive sign going forward. Mentally I'm feeling OK. The VIX was up today but did come off of the worst levels on the session. Still short term oversold here but the indicators are pointing up which would imply more volatility going forward. Not sure where the VIX is headed next though. The market seems to be waiting around for something to get it going. What exactly that is, I don't know. So far this week seems more like summer rather than everyone back at their desks. But we'll see where we go from here. Europe was lower and Asia mixed in last nights trade. We'll see how things go tomorrow.