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The S&P 500's Moves Today

The S&P 500 has stabilized after Europe closed at 11:30am ET.

Two important points about today's trading:

1) The CBOE Volatility Index (VIX) was up as much as 20 percent today, its biggest one-day jump in several weeks, to the highest levels since February.

Tom McClellan notes that a VIX of this percentage change might normally equate to a decline of 3 percent in the S&P 500, but that index is only down 1.6 percent today, so the VIX reaction is twice normal.

2) Consolidated volume at the NYSE (total volume of all shares traded in NYSE listed stocks) is currently 4.5 billion shares, higher than normal, so we saw actual selling in the late morning, rather than just bids drying up.

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