The BKX (Bank Index) is now in week 11 heading for the 45/6 level again, which is still 10% away. So far today's decline happens controlled and with moderate volume - no capitulation mode at all, which might change later on and the famous last hour will make a difference anyway. Banks and Brokers are the ones under heavy pressure today, as expected. The NDX remains relatively calm after the limit down opening it has gathered ground and still defends the 1200 area so far. Today the VIX definitely marks the 12 count and signals a low is close but the extend the next days will see is wide open - I rather expect around 10% on average but ideally we see that with huge volume to get a real capitulation. So far we are far away from such a volume.
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