Sellers of puts and calls have an incentive to keep volatility low over the next few days.
I'll watch the SPY levels this morning because it will dictate some of the follow-through trading.
Volatility is still very much with us.
This up-and-down trading tells us that the market is worried about Europe.
After tomorrow, the VIX will find itself returning to backwardation.
After three up days, it looks like only momentum is there to support the market.
This good bounce back from the lows may not be all that good, so keep trailing stops tight.