It was a one day reversal to the downside as the market opened higher and closed lower. The Dow fell 70 points on average volume. The advance/declines were barely negative. The summation index is still moving up. Most of the major stock indices had a gap up at the open but then sold off for the rest of the day. That's negative price action to be sure. The NASDAQ led the way lower as well which isn't a plus for the bulls. The short term indicators for the S&P 500 are moving lower with room to go. It has still basically moved sideways for the past couple of weeks but another down day will change things. Not sure why we are seeing the selling but we still like the idea of the SPY December calls if and when we reach short term oversold. Perhaps by the end of this week or the beginning of the next. Gold was up $7 on the futures. The US dollar was slightly higher and interest rates were steady. The XAU and GDX had very slight fractional losses on light volume. The fact that they could not show a gain when gold itself was up is negative. The short term indicators for GDX are still heading down. My GDX December calls are still at a small profit. Looks like we'll wait and see the reaction to Fridays jobs report before deciding on whether to continue to hold on to this trade. Mentally I'm feeling OK. The VIX was up just a bit today. The short term indicators here are trying to move up. Still oversold on the VIX but not at extremes. Not sure what to expect next here for stocks but Friday should provide the near term answers. We'll be patient and wait for now unless something dramatic occurs tomorrow. My guess is that it will be a waiting game. Europe and Asia finished up on the session. We'll see what tomorrow brings.