With equities breaking to a new cycle low of sp'1820, the VIX has continued to climb, hitting a new three year high of 31.06. Some kind of 'full capitulation' looks imminent.. whether late today, or within a few days. Without question, it sure is ugly out there.
*fed beige book due at 2pm.... if that ain't positive about growth prospects, then another wave lower...
Price action remains wild.... so... stay strapped in !
*a good update on the Dow/market from Armstrong, see HERE
2.01pm.. Beige book .... growth 'modest to moderate'.... not inspiring.. there is nothing for the bulls in that.
VIX holding 29s..... indexes sliding...
2.30pm.. chop chop... sp'1830s.. VIX cooling... 28s... but still.... bears are in FULL control.
Looks like we'll take out 1820... and eventually floor in the 1810/00 zone.. before a sustained rebound.
2.40pm... A 25pt bounce to 1845.... call it a sub'4.. or whatever.... still seeking another push lower... <1820.