VIX: 41 or 31 on Thursday... or Both?

The day ended with a fake-out rally in the early afternoon that fizzled to new lows in the last hour of the session. It was interesting the see the VIX chart end at the high of the day.

Tomorrow will be a fun one. Crash? Capitulation? Rally? All of the above?

Even after 9/11 the banks, broker/dealers and insurance companies we're still intact.

We may be entering a new era here and the markets could be headed back to an environment as we saw near the dot.com bust where VIX ranges were in the 25 to 35 range. Only time will tell.

VIX Daily Chart: