Indices Swoon, XLU Pops...3.13.14

For the first hour it looked like we might see a green day fostered by good employment and productivity reports.  But then the trap door opened for the rest of the day and the VIX surged 15% with only a modest rally at the close.

XLU was hands down the VEGA winner, a pattern we've noted before on weak days. 
Otherwise, there was heavy selling across all the sectors with energy (XLE) taking a big hit and QQQ, which has actually led SPY in +momentum over much of the past 6 weeks, ended up at the bottom of the pack. 
Bonds surged, (aka TLT) as expected, and we have now gone from overbought SPY conditions to nearly oversold in a matter of 3 days.

Today's selling is likely to beget more selling as the NYAD didn't come close our typical low teens reversal levels.  For now cash is king until prove otherwise.