Heading for the exits as stocks got slammed on some big tech earnings announcements. A gap lower at the open followed by selling for the rest of the day. The Dow fell 504 points on average volume. The advance/declines were better than 4 to 1 negative. The summation index is back to moving sideways. The NASDAQ led the way lower and lost more than 3 1/2%. The S&P 500 dropped over 125 points. It broke the longer term up trend line on the daily chart today and that should spell more trouble going forward. The S&P managed to hold at its 50 day moving average. It is not yet completely short term oversold yet. The weekly chart indicators have plenty of romm to head lower. There should be some support at 5200 but the next up trend line doesn't come in until 4600. I'm not saying that we are heading all the way down there tomorrow but those are some levels to watch. There is a down trend line now in place on the S&P daily chart. Any move back to that line will be an opportunity to try the SPY August puts. Gold lost $7 on the futures after being higher early on. The US dollar finished flat and interest rates were mixed. The XAU drpped 1 1/3, while GDX shed almost 1/4. Volume was average. I did place an order for the GDX August calls overnight but it wasn't filled. Might try it again tomorrow or simply hold off. The short term indicators for GDX are now mid-range. The up trend line for GDX comes in at 35.5 and maybe I'll just wait to see if it gets back to that level before trying the calls. Mentally I'm feeling OK. The VIX jumped today and that certainly fits with the carnage that we saw in stocks. The short term indicators are back to overbought. Still below the 20 level but it has made it back to 18. No extended summer doldrums in this July period as we've had good moves in both directions so far. GDP out tomorrow and inflation data to end the week on Friday. Plus whatever surprises we get from earnings. Hopefully we'll be able to take advantage of some of the opportunites. Europe and Asia were down and we'll probably see some more selling when they reopen. I'll keep an eye on tonights headlines.