A tech wreck on Wall street today as the Dow fell 378 points on good volume. The advance/declines were better than 2 to 1 negative. The summation index continues down. Sour earnings reports from big tech sent stocks with a gap lower at the open and they never looked back. The inflation data came in where expected. The NASDAQ led the way lower dropping over 2 1/2%. The S&P 500 lost over 100 points. It was that kind of day. The S&P is getting to short term oversold but not there yet. Expect some follow through selling tomorrow. The S&P is just about at its 50 day moving average. There is support for the S&P at 5600 and also a longer term up trend line at 5500. Not sure if we get to these levels and if they hold if we do. However I'm still thinking about getting some of the SPY November calls when the S&P 500 gets to short term oversold in the next few days. Gold dropped $44 on the futures. The US dollar finished flat and interest rates were slightly higher. The XAU lost 5 1/4, while GDX slipped 1 1/8. Volume was good to the downside. GDX is getting to short term oversold but is not there yet either. It bounced off of its 50 day moving average today which is its first area of support that includes the short term up trend line. The next up trend line comes in down at the 37 level. Not sure what to do next here but we'll wait and see what level GDX becomes oversold before making any trading decisions. Mentally I'm feeling OK. The VIX jumped today and that was to be expected with the carnage on the street. At the 23 level and above the upper Bollinger band. Another day like today will get us to short term overbought on the technical indicators. The VIX is now at the level for the past couple of market drops in the last two months. So it is possible that the worst is close to being over for the bulls but we'll know in the days ahead. The breadth today also wasn't that bad for a market that got crushed. We'll see where we go from here. Asia and Europe were down overnight and I'd expect more selling on Friday. We'll close out the trading week tomorrow.