Volatility Picking Up

You're beggin' me to go
You're makin' me stay
Why do you hurt me so bad?
--Pat Benatar

After it appeared that the bulls successfully defended SPX 1840 with a 1% up day on Wednesday, the bears blitzed back yesterday with a 2% down day, and easily broke through the 1840 maginot.

The action also consituted an 'outside day' to the downside (technically bearish).

This morning, bears pressed their bets and have now surrendered much of their early gains to obstinate bulls.

Volatility is picking up as bulls and bears slug it out in a battle for control of the tape.

position in SPX