This is Really Gonna Hurt

Simply put, this market still smacks of complacency much more than a buy-the-blood scenario, as the VIX has barely shot up today (by its own standards, not a percentage move), and remains in the low/mid-20s even though equities thoroughly got stuffed in any and all bounce attempts. 

With the belly of the earnings beast approaching, I suspect playing tough defense is still the name of the game for most traders in lieu of trying to be a hero bottom-caller.