VIX is at 70. A 400 point move over such a short period is normal and expected for the level of implied volatility. Size accordingly.
We've now had -473 points in 11 minutes, and +1019 points in 40 minutes... That should be enough volatility for just about everyone..
There was serious DOW resistance at about 9300 but I was sold on it being broken.. That drop shows the complete lack of real buyers in this market... what a farce..
According to Yahoo (which I believe uses Briefing.com for market news) the selloff was related to GE news. GE has now made up for its loss in the AH: "Specifically, the S&P 500 was up 3.1% with 10 minutes left in the session and then quickly sank to a 1.8% loss before settling with a decline of 1.1%. Small and mid-cap stocks outperformed with gains of 1.7% and 1.8%, respectively. With regard to GE, Dow Jones reported that the conglomerate is aiming to keep 2009 profit the same as 2008, even if revenue declines 10-15%. The profit outlook is good news given the current consensus estimate anticipates a 9% decline year-over-year. However, the revenue view doesn't say much about the economic outlook and implies that GE will cost cuts to meet its profit goal. This was disappointing to the market when thinking of the demand outlook for this global company, sparking a sweeping decline in other multi-national companies in the final minutes of the trading session. After the close, however, CNBC noted that GE said the comment was not new and shares of GE were trading up in the after hours session.
The futures are already up. Spy up 40 cents. QQQ up 12 cents. Just go long now and do nothing for 15 months. Everyone was expecting a big 'sell on the news'; it's almost amazing the market is down so little after such a huge rally yesterday.