$SPY The market was under allocated and over hedged. Once again the sell off was 100% machine based and you could tell that Wall st, FED has no idea how it works. There is a reason the quant world doesn't have traders in it, its high IQ world of mathematics, quantum physics, bio engineers,etc that understand complex systems. Since the market was under allocated over hedged, there isn't really a lot of fear of loss because the stock market was already hated!!!! This also means that volatility world that shakes down the market also makes it move up in drastic ways. If you add the $$ thrown at it from FED, Government then you add the $$ rotation from the bond BUBBLE you get these massive early moves in the risk cycle. Go read how many $$ are left to buy the market going into month end. Its the largest $$ ever!!! Does this mean it goes higher??? NO, it just means there is huge $$ forces at work on the buy side because the MARKET WAS UNDER ALLOCATED.