Okay, may be one day of trend change is all the bears are allowed. Conventional wisdom says that if both VIX and the market go up, it's a possible signal for trend change. This happened 2 days ago where both SPY and VXX went up. The next day, SPY went down .7% - very rare these days, and VXX went up 11%. With another Greek decision pending over the weekend, the timing seemed fitting.
Well, over the weekend, aside from the Grammy Awards, Greek successfully passed the new austerity measures. The politicians did, the people didn't, as evidence by the ensuing riots. But that's all that mattered. The futures shot up, and this morning we had a huge green gap. This is crucial for bears because if the stars are all lined up, this can be a sell-the-news double top event.