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The various headlines I have used over the past 12 to 18 months to describe these wild roller coaster rides in the markets are getting old. Wild reversals are now almost commonplace. SPX traded down as low as $1891 today before reversing to close at $1930, very close to its high of the day. RUT outperformed SPX, trading up $10 to close at $1022. Trading volume popped up with 2.7 billion shares of the S&P 500 stocks trading. Trading volume rose 12% on the NYSE and increased 13% on NASDAQ. The VIX ran higher this morning but then pulled back to close at 20.7%, down 0.3 points.

New home sales declined in January to an annualized rate of 494 thousand, down from December's 544 thousand.

It appeared as though oil prices drove today's stock market, lower at the open and then reversing higher. But the transition wasn't smooth; the correlation is unraveling.

I continue to find the speculation about another 2008-type of market crash surprising. It doesn't seem to occur to anyone that we are missing a stimulus like the huge subprime mortgage disaster that drove that crash. The doomsday gurus speak of banks holding too much oil related debt. That seems unlikely since the Fed have tightened up all of the reserve requirements significantly since 2008. That is part of the reason you cannot get a mortgage today. One analyst on Fast Money today was matching the shapes of the last several months of the price chart to the time just before the 2008 crash. He thought the matching shapes of the charts were predictive even though there is no comparable economic trigger for a crash today. Consider the 2000 bear market. It was driven by the dot com bubble. The 1987 crash was purely a price correction from very high price multiples. None of those conditions exist today.