And this time they come with much higher levels of put/call ratios than we had yesterday. Rocket fuel for a bear-market rally here... options expiration is coming on Friday with puts fattened on record volatility levels...

The bears are still in control, even at these very elevated volatility index levels. Put / call ratios have come down some, there does not seem to be much fuel for a rally here. Maybe even lower price levels may entice more put buyers before a rally ensues to sap those fat implied volatilities. For now, nothing to do but watch for a mega rally that could confirm a bottom... not yet though...

Another chance for the bulls to come in for a little ride and for the bears to unload their short positions. Just passing the buck back and forth... put/call ratios also look lined up to favor the bulls for the near-term, perhaps going into options expiration next week. Those puts are bloated with implied volatility which somehow has to be deflated before next Friday...

Way too stretched. It was high time for perma-bears to get roasted... there will be more such days in the coming months until VIX is deflated. Ahhhh, don't you just love volatility?

And put/call ratios in "oversold" territory. That can only mean one thing... we'll see where we are next week and into month end. Will there be any month-end "Window-Dressing" this October?

At these high volatility levels I doubt those results matter much- institutions may be more interested in selling volatility than anything else in the short-term. Nimble traders' paradise- the last 5 years of generally low volatility have driven speculators mental, especially those with ursine dispositions. Jack be nimble! Macs and iPhones save Apple, while Yahoo is laying off 10% of workforce (Bloomberg.com).

The volatility indexes are heading back to the recent highs which were all-time closing highs. There is only one conclusion I can draw from this- Friday's options expiration will be interesting with those puts and calls fattened up with so much implied volatility. There is a real incentive for those with the powers and know-how to sell volatility here and make some free mullah- just like picking it up from the gutters. Mark this post and we'll see where we are next week... for now, recession "fears" is the journalistic explanations (Bloomberg.com story).

next week should be most interesting. Well done, bears! Now we turn over to bulls next week. Meanwhile, enjoy the weekend! The VIX is dead, long live the VIX!

Where's the bottom? Rate-cut hasn't helped. Bail-out didn't. What's next? Too dangerous to take the long side. Close all short positions and then watch from the sidelines. Waiting for a double bottom may be the better option since VIX is still extending the uncharted territory moves...