The CBOE Volatility Index, widely considered the best gauge of fear in the market, tumbled almost 10 percent to finish below 33.
Instant Insights from the ‘Fast Money’ Traders
The S&P seems stuck in a range between the 1,225 and 1,275 levels, trader Tim Seymour said. Guy Adami of Drakon Capital agreed, adding that Friday will be a “big day” technically. He thinks Friday’s technical indicators will provide direction for the next couple weeks depending on which way the markets go.
Going forward, Seymour recommends watching the U.S. dollar.
To trader Joe Terranova, the market is lacking any catalysts. Some positive economic data from China should have pushed the market higher, but it didn’t. With the market in a “no where’s land,” he thinks you can start looking at individual stock stories. Given oil prices continue to climb, he recommends Hess .
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment, but not have it published on our Web site, send those e-mails to email@example.com.
CNBC.com with wires.