In order to go, a daily GHA at the open is necessary AND VIX fall below 17.3 based on yesterday’s close and possibly below 18 tomorrow. The red bar should shrink the day before.

Yellin talks on Friday so market could turn either Wednesday or Thursday.

Last time VIX this high was June 2012.

Yesterday could be bottom based on the 200 dma crossing… -$1.60 below the 200dma same as Nov 2012. Rebound could start today… BUT target would be 196 by Oct 31 on this basis! It will be a slow moving rebound. On the plus side…no fiscal cliff to worry about here though and inflation very low and falling so new QE can be announced.  However, Nov 2012 was also when new QE was announced.