After a relatively calm week, today markets around the world from Japan to London tumbled. Incessant fear out of Europe was in part the culprit and weak economic data out this morning here in the U.S. has our markets down about 5% at mid-day. Currently, the Dow (chart) is down about 475 points, the S&P (chart) 500 down roughly 57 points and the Nasdaq (chart) is off around 126 points.
Oversold conditions remain, however,volatility appears to be back in full force. Check out the fear index (VIX) (chart) surging 30% today. Be careful when navigating these waters, it appears that we are going to be in this pattern for a while.