Although I seldom listen to CNBC, on a day like today it can be insightful. Over the past hour a series high profile analysts were asked to address today's selloff. Almost to a "person" they considered this selloff as nothing out of the ordinary and about half used the term, "buying opportunity." Well, that's one way to look at it. Another is that the companies behind these opinions needed to unload more stock on retail investors. Many referred to the potential that China acts to bail out its failing real estate developer, The Evergrande Group and/or Fed support for the markets coming out of the Fed meeting on Wednesday. In other words, "nothing to see here." Consider the ramifications of neither of these occurring or if they do, neither is able to stop the bleeding. Four figure VXX returns do not come without taking some risk. If the market bounces tomorrow here are the likely VXX levels of support for a different kind of, "buying opportunity." VXX - 30 minute chart with potential Fibonacci retracement levels
