Sellers finally showed up today as the Dow dropped 177 points on light volume. It was another one day downside reversal as we opened higher and closed lower. The advance/declines were 2 to 1 negative. The summation index is moving up. The NASDAQ led the way down and that's a negative. Despite the drop the S&P 500 remains short term overbought. We'll wait and see what the Fed chairman has to say tomorrow and how the market deals with that. Gold lost about thirty bucks on the futures. The US dollar was higher along with interest rates. The XAU fell 3 2/3, while GDX lost a point. Volume was average. The short term indicators on GDX have rolled over but thay are still overbought. I'm still in a wait and see mode here. Mentally I'm feeling OK. The VIX was higher which fits the down move in stocks. Back above the 50 day moving average on the VIX. It is still very short term oversold though. Not sure what comes next here. Remaining patient for now when it comes to the next trade. I'll see how the week closes out and take it from there. Asia and Europe were generally higher overnight. We'll see what tomorrow brings.