Vix, Yen and TLT -- Vix is still finding resistance

Payroll numbers came in as expected, but the unemployment rate jumped. This, along with the poor economic releases out of Europe, set a negative tone, and the markets fell right after the opening bell.

Potentially, if SPX cracks 890, we could have the start of another downleg. Early this morning, it looked like SPX would break. The Japanese Yen was up sharply at the open -- this often signals equity weakness. Within hours, TLT followed the Yen up, another indicator that stocks would weaken. But Vix has risen only slightly, and once again is finding resistance at it upper 10 day BB.

There are still a few hours left before the markets close, but the longer Vix fails to break above is 10 day BB, the greater the chance that equites will bounce.