Selloff Picks Up Steam
The profit taking in the market has accelerated today. And the news out of Iran that they have a significant nuclear announcement to make isn't helping matters. Although, surprisingly oil is still lower when usually fear about unrest in that region drives oil higher.
Investor sentiment is showing fear on the rise. The VIX/VXN are both higher, the TRIN is running at elevated levels, and the CBOE put/call has been well above 1.0 most of the day.
Moreover, the ISE Sentiment index hit a new low yesterday (63), which I believe is a record low for that index. The quick spike in bearish sentiment should put a floor under the market fairly soon.