By Lawrence G. McMillan
...The two back-to-back “90% down days” of last week need to be worked off, and that seems to be happening at the current time. So far, over the last six weeks or so, severe oversold or overbought readings aren’t just “worked off” but rather are jumped on so hard that they completely reverse to the opposite condition. Coming into today, the breadth oscillators are modestly oversold, and $VIX was in the midst of forming a spike peak. If $VIX closes below 38, that should provide further upside impetus.
$VIX is not falling much today, though – small wonder, given the size and speed of the moves that have taken place since last night at 6pm, when the Globex futures started trading...
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