Welcome to the whipsaw. Yesterday's gains were completely reversed midway through today's session although the close was in a modest recovery mode...not bullish just off the lows. With Goldman, Soros and Icahn now massively bearish / defensive the consensus mood appears to be following the Sell in May mantra as good earnings (HD) are met with negative reactions.
The Ponzo updates continue last week's theme of weakness in both SPY and TLT with the VIX trading in a fairly narrow range. This could all change in a heartbeat if volume picks up and pent up short interest via the VIX takes hold. The Ponzo 8 week VIX outlook is 20, the number forecast by the November VIX futures.