Sellers took control today as the Dow fell 397 points on light volume. The advance/declines were 5 to 1 negative. The summation index is moving down. The Dow led the way lower again and that isn't the most bearish scenario. We had a gap down to begin the day followed by sideways action until droping again in the final half hour. The short term indicators for the S&P 500 have turned down with room to go. The NASDAQ is still short term overbought and holding up better amongst the major averages. If it starts to really fall then I'd say the market is in trouble. Hasn't happened yet. Looks too late for the SPY June puts but we'll see. There are potential double tops on some of the daily charts for the major stock averages. The TRAN seems to be breaking down. It is a mixed pictire to be sure. Gold dipped twenty bucks on the futures. The US dollar was higher along with interest rates. The XAU lost over three bucks, while GDX shed 7/8. Volume was a bit below average. The short term indicators for GDX are mid-range or lower. My open order for the GDX June calls remains out there. Mentally I'm feeling OK. The VIX was higher today and that fits a down market. Still below both the 50 and 200 day moving averages but another day like today would put it above those levels. Still pretty far away from the 20 level though. We've seen the Dow take the worst of the selling here recently. If it moves to the NASDAQ things would get a little rough on the bulls. Perhaps we'll get some answers after Fridays inflation data is released. Europe and Asia were lower once again as we are seeing selling around the globe. I'll keep an eye on the overnight headlines.