VIX is not high in my opinion, but judge for yourself. http://finance.yahoo.com/q/bc?s=^VIX&t=my&l=on&z=l&q=l&c=
There's definitely going to be some volatility in the markets tomorrow. My CCI based indicator lit up today to short all Yen pairs and it was certainly profitable. At about 6:45 in indicated to long that the pairs were going to bounce back and here we are close to 8pm and they have all increased 30-70pips a piece. Very nice I don't expect the JPY pairs to bounce all the way back. What happens in the next couple of hours will tell us what's going to happen tomorrow. If yen pairs sink like a ship, we're in for a rough day tomorrow. Charts do look VERY similar to Feb 27th. GL and GT all!!
I thin some that are not watching are missing a big piece of bad news. Moody's and S&p are cutting ratings to junk on hundreds of MBS's, thus leading to a forced liquidation of a shitload of paper due to charters not allowing non-investment grade paper holdings. the peripheral fallouts will start a chain reaction that will deteriorate things in a hurry. it has begun this afternoon. Lets see the idiots on CNBC say this is all contained now.
I think the market will not be as bad as anyone thinks and will not be as good either...foreign markets will sell off more, but the dollar will dampen how much the US markets sell off.
.618 retracement of the recent rally has support coming thru at 1503 SPX. The market should be sufficiently oversold for a decent "bounce" off that level after another day or two of downside action that could then take the SPX back up to the 1534 area.
All these downgrade on Invest-graded bonds will crush many Japanese investors; the 2nd LTCM is all over again. Let's hear what BOJ have to say in tomorrow; print more money to bail out their investors or screw them up. I think BOJ will try to bail out them again after having to screw some of its neighbors first.
Looks like at least the morning the bulls won't get it back. Hope the futures can drop more than 50 before open.