Don't be fooled
Despite the past two days, little in the underlying data has changed. Even today, we still had over 4% new lows, and the daily range of the S&P, 20-day average, is still over 2% (in fact it is at its highest for the past year) Even f4-f7 of VIX is still negative, and the credit markets, despite the past two days, are all in very negative position for eq…