The TLT did show it's stuff today as the VIX executed the runup forecast earlier in the week. The afternoon session was divergent with both the SSO and VIX maintaining a downslope on 5 minute bars. Surprisingly, with an average downturn of over 2.5 % in each of the majors, the NYAD never got below .18. Selling of this virulence is typically accompanied by NYAD levels more around .10 and a preliminary conclusion to be drawn is that there more downside to come. The biggest volume day in BAC since May reflected a 9% loss while most of the financials including XLF saw +/- 4% hits . . with the glaring exception of GS, which was actually up 2 % at one point before plunging into the close.
Monday could be a doozey and I'm glad to have both oars in the boat and flat at the close.