Update

The $VIX is showing signs of reversing later today or tomorrow. We are touching the top of the channel and now my expectation is for a 50% retracement of this last move lower. Also I keep hearing on CNBC, Fox Business and Bloomberg that everyone was expecting a pullback and the people that were expecting the pullback are calling for a 5% correction. As of right now from the high we are off by 5.6% so is this it? Probably, but I would not be surprised to see another 5% down. 1000 on the S&P would be a great place for fund managers alike to pick up shares, so another 5% would not be that bad.