2pm update - holding onto losses

Finally, we have some significant declines, and they are holding. The one concern remains the VIX which continues to completely weird-out many traders.


sp'60min

vix'60min

Summary

VIX is trying to level out and begin a new rally, but so far...its still damn weak. I just don't know what to make of it. The VIX is just a calculation, and I can't imagine the Puts are cheaper today!

Best bear case remains a close in the 1330s by the Friday close. If thats the case, then a first attempt to break below 1300 by middle of next week is viable.