The major markets dropped rapidly, as volatility rose to new all time records. The VIX was over 80 during the day. As the day progressed some intraday bottoming action formed and the result was a 400+ up day for the DOW! We were down at one time over 400 points in the DOW and finished up over 400 points. This rally occured after much bad news was announced this morning. This is a sign that sellers are exhausted at these levels.