Don't Fight the Tape.
Some will say the 30 VIX comment was a lucky guess. I don't think so. Bonds 101 has been explained many times here. Containment is wishful thinking at best and at worst an effort to fool the sheeple into complacency... there is no containment when one part of the credit market implodes (subprime) and that was clear as ABX was falling off a cliff 5 months ago (search to your hearts content with the term 'ABX'). Now, it has spread well beyond subprime to a worldwide OTC derivatives debacle with the Fed using a garden hose connected to gasoline to try to put the flames out. Yes, they're giving the creators of 'financial instruments of mass distruction' even more cash to play with. Worse yet, the Fed is tossing out billions into a multi-trillion dollar black hole. Cool.
S&P futures up 10 tonight.. get ready for more fun and games!