Back to the downside as the Dow fell 260 points on good volume. The advance/declines were negative. The summation index is beginning to trend sideways. The NASDAQ led the way lower and that is not a plus. The short term indicators for the S&P 500 are trying to turn lower. We had a gap lower at the open today and then spent the rest of the session in a sideways pattern. I did place an overnight order for the SPY March calls but it wasn't filled. I adjusted it higher during the session but still no fill. I'm leaving it out there overnight. We'll get the Fed tomorrow and that should get things moving one way or the other. I'm still a believer in the short term March call trade. Gold was up $37 on the futures. The US dollar was a bit lower as were interest rates. The XAU was up 1 1/8 and GDX added 1/4. Volume was average. The gold shares did finish off of their best levels on the day. GDX has gotten pretty far from its 50 day moving average and remains short term overbought. Mentally I'm feeling OK. The VIX was up today and remains above the 20 level. The short term indicators here are trying to turn back up. Not sure what's next on the VIX. Only 3 days remain in the March option cycle. The trading here will be risky and the premiums are still high. Europe and Asia were higher in last nights trading. I'll keep an eye on the overnight developments.