CRUSHED VOLATILITY

Just like that the correction and the fear are a distant memory as the VIX loses 20% and is back under its 10 day SMA.

GS mentioned before the open is up 4 beaners and like other sites I will put it on the sheets at 138+ and count the opening pop as part of the gains (lol).

The market internals continue to act great as there are more than 3,500 more winners than losers and I can hear the "thank goodness we didn't crash" sound from coast to coast.

IWM still leading the pack higher with the oils, metals, semis, brokers and homies. Interesting that homies are jiggy in the face of downgrades and the 10 year Bond back at 5.1%. Not sure why unless the worst has been discounted.

The markets are not giving the "buy the dip" crowd much of a chance to get in so we probably close at the highs as the late bulls throw in the towel and hit any bid late in the day.