In case you overslept yesterday and missed the U-turn shenanigans, today was almost perfectly the same. Equity, credit, and volatility markets all weakened notably into the open, kept sliding aggressively into the European close and then equities and vol (and not credit) turned on a dime and accelerated all the way back. The other similarity was the high volume dump, low volume pump and then considerably high average trade size around 1400 (in ES) into the close.
ES (the S&P 500 e-mini futures contract) vs VIX reversing aggressively almost immediately at the European close...
And ES pulling notably higher again after the European close while credit markets remain much less sanguine (and notice yesterday's overnight session correction in stocks)...
More,,,,,,,,,,,,,,,,,,,,,,,,,,
http://www.zerohedge.com/news/ssdd-2-charts-summarizing-todays-melt
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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