The VIX is a measure of volatility in the market and today it hit a yearly high. Usually a spike in the VIX is an indication of maximum fear and climax in a move to the downside. Based on this I wouldn't be surprised if we do bounce in here somewhere.
Friday is Triple witching of all options and futures. 9 out of 10 times if we have a bad down week triple witching the week after is usually horrible, so while I think we will bounce here I dont know how far and how long.
Next week might be the telling story of a real flush out. I will be watching
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