Very light volume cash market sell off - however breadth is very negative at about 7 to 1 with dvol to uvol about 17 to 1. But index put call ratio running higher though not as high as equity put call ratio - suggesting that perhaps bigger players aren't ready to throw in the towael and are thus hedging with many index puts - which would explain the 10% move in the VIX.
So the close should be interesting - if the dip buyers don't show or get squashed I think the volume could pick up. Transports very negative would think that's going to be hard to shake off. And the euro yen getting killed - much more bearish sign intermediate term.
Have sold 940 puts - just purchased July 1000 calls (cheap upside trade there) - mainly as hedge though.
