Today had a dramatic one day downside reversal as the market had a huge gap up at the open only to roll over and close lower on the session. The Dow fell 605 points on light volume. The advance/declines were around 5 to 1 negative. The summation index is beginning to turn down. The Dow led the way down. NVDA earnings were fine but sellers assumed control of the market. The short term indicators for the S&P 500 have turned down but they are still in overbought territory. I'm not exactly sure for the cause of today demise but interest rates did move higher. We will stick with the technicals though and any way you look at it today brings about a negative change. We'll see if we get any follow through tomorrow. Gold got clobbered as the futures dropped sixty dollars. The US dollar was up slightly and interest rates rose. The XAU lost 2 7/8 and GDX fell around 3/4. Volume was good to the downside again. The gold shares did hold up better than gold itself and that is a small plus there. I did place an open order for the GDX June calls but it will take some more selling for it to get filled. The short term indicators for GDX have rolled over but are not yet oversold. The up trend line for GDX that began in March was broken today. So there is a distinct chance that getting the calls here is not the right idea. I'll be keeping a close watch in things and may cancel the order. Mentally I'm feeling OK. The VIX had a broad range today and finished higher which fits the sell off. The short term indicators here are turning up from oversold territory. The VIX did back off from its mid-range Bollinger band level. So there's a chance today was just a one day wonder and buyers return to the market tomorrow. Time will tell. The overall market certainly held up better than the Dow. Europe and Asia finished mixed. We'll close out the week tomorrow.