UGLY BANKS

Markets finished lower dragged down by the banks/brokers and energy as crude finished down about 8% near the $37.75 level. GS down about 7% while C was down 16% as most must have felt the MS deal is not that smart- (selling low).

The VIX shot up about 7% and now trades near the 46 area which is about 10% above its SMA 10.

The SPX has fallen about 80 points from the highs of just last week and a bounce back could be soon and violent- Turnaround Tuesday?