Having tagged fresh cycle low at 9.57 overnight, VIX has been chaotic this morning. Overnight hope in stocks has faded quickly with The Dow back below 21,000...

The chaotic opening of the market is evident in the gapping behavior of VIX. Also note that when The Dow briefly tagged 20,999 into the European close, VIX was immediately slammed lower to save the all-important policy tool...

But in the last few minutes after the 3Y auction, VIX suddenly jerked to 10.00 - shock - and The Dow broke below 21k after 3 previous attempts.