It’s all about perception, which is why a 360-point tumble in the Dow doesn’t appear so bad when compared with the prism of an 800-point drop earlier in the trading day. The last hours of trading lifted markets from their nadir, the volatility index declined, and of course investors remain in a holding pattern, still trying to discern what level represents the true value of shares. Equities found support as the Dow closed in on 9500 but investors continue to shift nervously from side to side, tapping impatiently, waiting for resolution. The VIX closed at 51.21, a new record going back to 1992. “I think the sentiment extremes are at levels for a short-term tradable bounce but I think you have to throw technical analysis out the window with what’s going on at the macro level,” says Greg Collins, CEO of Fountain Hill...
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