Back to the Mendoza Line

The VIX is back down to 20 this afternoon. On a standalone basis it does not seem like much of a big deal.

But when you put that dividing line into context of the broad market in equities, you still get the sense that bears need to continue to see volatility bought and remain fairly elevated. Otherwise, the upside reversal today we saw in stocks could easily mark the end of the recent pullback we saw into the Fed and just after, in front of a looming Brexit vote. 

Elsewhere, HAIN is spiking up on implications of a buyout rumor. The chart had made some strides regardless of the buy-out rumor proving true or not. And crude looks to be detaching from equities as it is staying weak and pushing oversold, while gold miners expectedly weakened given the resilience in stocks this afternoon. 

More in my recap after the bell.