The Selloff Gathers Steam

Stocks are getting punded today with a severity not seen in several weeks.

As of around 11:30, the NASDAQ is off 2.9%, the S&P is down 2.6% and the Dow is down 2.4% or over 200 points.

What’s down? Pretty much everything. Financials, energy, you name it.

The options market also indicates a new level of nervousness.

CNBC: The stock market’s main fear gauge moved past a key level on Monday, indicating possible troubles ahead for the market.

And one options player with deep pockets is making a big bet that volatility will increase sharply, making this a tumultuous summer. The Chicago Board Options Exchange Volatility Index, or VIX, moved past 30, a mark it hasn’t closed above since June 4. A VIX reading of better than 30 generally indicates high volatility that usually accompanies stock market drops.

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