A List Of Positives

While the fundamental picture is ugly, there are some positives in today's market:

• Italian bond yields are actually lower today. They were the canary in the coal mine on the way down.


• We definitely saw panic today. That whoosh down was scary and shook out some weak hands.


• Treasuries have been steadily heading lower after peaking during the "whoosh"


• Today is day nine of this move lower.


• The CBOE and ISE are both showing extreme put activity.