Initial Closing Chart

It's time to update the systems, all the breadth, internals, etc, but when I said the bounce back move from the 2:09 SPX lows today wasn't that strong, there were several indications of it, but the easiest for you to see would be a simple NYSE $TICK chart.

The red line is -1000 and the white is +1000, the NYSE TICK chart takes every stock advancing that bar and deducts every stock declining for that bar and that's the TICK reading.

The initial release of the minutes saw the most extreme at -1595 which is very extreme, the top of the snap-back bounce was +1340, the decline off that bounce was solidly in the -1000 area which isn't extreme for a quick pop, but for about 25 minutes, it was pretty ugly.

I wouldn't read too much in to it yet, and I'd be hard pressed to call this a real knee-jerk reaction, although with the changes in character it may be, I personally would expect more volatility not less.