THE CLOSE

Markets did what they were supposed to do - close at/near the lows and anyone who weathered the volatility and waited for the end of the day to dump shorts was well rewarded.

VIX- higher by 12.6% at 48.4 and about 10% above the SMA 10;

Market internals horrific and their moving averages are way over sold;

One guy who decided to get way long today - Kass - and if you get the realmoney.com site- his article is pretty pretty good.

As for the aforementioned longs QLD/DIG- not yet as the market just rolled over big as I published.