In today's Traders Exclusive, Joe Cusick provides an overview of equity markets. Amidst yesterday's sharp selloff, the industrials were down the most at 2.5%. Consumer staples held up the best. Overall, risk-off conditions continue, which is clear as the small cap index has come down 9%, and treasuries continue to rally. The VIX has settled at 17 and is something to keep an eye on. Earnings season is here, with Alcoa kicking things off, and the options implying some significant volatility priced in. On the S&P, we're watching the 1,920 level. If it holds, the bulls should regain their footing.