If this is about dollar strength (solid economy, raising FED, lira/Euro-dolllar/Brexit queasiness -- even TenCent take-down) -- a thesis I find entirely realistic, then we'd indeed see what we have today -- a big, calm, dump-down, with solid volume, and a TRIN camped at an entirely bearish 1.99. AND you'd have this pop in vol -- 16+, 17+, even the VIX9D 18.0 I spied around 11am ET. To me, then, while the *trigger* here was geopolitical Trumpidian econo-angst, the follow-on selling is freeing of cash -- perhaps as its primary agenda. Andt THIS, to me, sez that things will continue into tomorrow, and perhaps well over another half-a-percent down. How much gets sold?? Dunno -- if I'd been following the sectors more, I'd have an opinion, but... That's my take on the thesis. I think that makes it a hypothesis. Or a metathesis. Yeah.
I think of it like a doctor and "vitals" -- lots of things can affect temperature, respiration rate, and blood pressure, but Doctors always want to know these things, because they are overall indicators of status. LOTS of things go into the volume and price measures of the TRIN, but as an overall measure, it's hard to hide major net buying/selling regimes like what went on today. As well? when it *doesn't* fit (like falling markets and TRINs well under 1.00), that too tells you that what is going on, is more market psyche than market.