Two areas associated with protection are the TLT, the long bond ETF and GLD, the GOLD ETF.
This morning, both are gapping down. It will be worth watching to see if the market can break out here as this does look like a potential interim bottom. If this cannot get a bid, investors are probably moving into more aggressive areas of the market. It's a place to watch for the reversal to be confirmed.
In volatile times, the reversals are vicious both ways. Today, TLT is making 10 day lows so let's not get too ahead of ourselves. One month lows would be 120. So while this is looking through a magnifying glass, it's a good place to hunt for very short term clues.
Greg Schnell, CMT