After Tuesday's ridiculous panic buying, it was no shock that we opened lower, and closed lower.<!--nextpage-->S&P Futures (ES) dropped -14.5 handles to 1826.50 with decent volume of 1.2MM minis traded. This was the first time since 2008 we had a red day on the first trading day of the year. Precious metals were lifted today, alongside bonds. The 10Y Yield dropped to 2.985%. VIX climbed yet again, up 3.72% on the day at 14.23, with a session high at 14.59. VIX futures also rose notably. But, volume was low overall in the VIX, with only 348K contracts traded. Are people still holding on to their long positions? Quite possible. ES <div><a href="http://2.bp.blogspot.com/-MRMKjYnpWDw/UsXhgAfyxtI/AAAAAAAAIX4/6Gc4t5xxzAA/s1600/es.png"><img src="http://2.bp.blogspot.com/-MRMKjYnpWDw/UsXhgAfyxtI/AAAAAAAAIX4/6Gc4t5xxzAA/s400/es.png" border="0" height="212" width="400" /></a></div> ES 10-DAY <div><a href="http://4.bp.blogspot.com/-s3j1nJB2Wus/UsXhjQJt0_I/AAAAAAAAIYA/VNdABzUpwgg/s1600/es10.png"><img src="http://4.bp.blogspot.com/-s3j1nJB2Wus/UsXhjQJt0_I/AAAAAAAAIYA/VNdABzUpwgg/s400/es10.png" border="0" height="212" width="400" /></a></div> GOLD <div><a href="http://2.bp.blogspot.com/-6lZoPAB55MY/UsXhl8sRqhI/AAAAAAAAIYI/5ym7nkq8qvo/s1600/gold.png"><img src="http://2.bp.blogspot.com/-6lZoPAB55MY/UsXhl8sRqhI/AAAAAAAAIYI/5ym7nkq8qvo/s400/gold.png" border="0" height="297" width="400" /></a></div> MARKET <div><a href="http://2.bp.blogspot.com/-ArXbgPKZIZE/UsXhpTkMtiI/AAAAAAAAIYQ/uQ7gF2M9Cno/s1600/mark.png"><img src="http://2.bp.blogspot.com/-ArXbgPKZIZE/UsXhpTkMtiI/AAAAAAAAIYQ/uQ7gF2M9Cno/s400/mark.png" border="0" height="400" width="233" /></a></div> <div><a href="http://4.bp.blogspot.com/-khLHSS3qLP0/UsXh34p_hrI/AAAAAAAAIYY/LFyH0wuVlNE/s1600/spx.png"><img src="http://4.bp.blogspot.com/-khLHSS3qLP0/UsXh34p_hrI/AAAAAAAAIYY/LFyH0wuVlNE/s400/spx.png" border="0" height="235" width="400" /></a></div> VIX <div><a href="http://4.bp.blogspot.com/-2EPVugZIrxk/UsXiULX51uI/AAAAAAAAIYg/oJ9w3apRjfg/s1600/vix.png"><img src="http://4.bp.blogspot.com/-2EPVugZIrxk/UsXiULX51uI/AAAAAAAAIYg/oJ9w3apRjfg/s400/vix.png" border="0" height="373" width="400" /></a></div> VIX 10-DAY <div><a href="http://4.bp.blogspot.com/-5OS-4c0rCjo/UsXiW_TBw-I/AAAAAAAAIYo/0Yup0i531MU/s1600/vix1.png"><img src="http://4.bp.blogspot.com/-5OS-4c0rCjo/UsXiW_TBw-I/AAAAAAAAIYo/0Yup0i531MU/s400/vix1.png" border="0" height="372" width="400" /></a></div> FOREX USDJPY 104.79 EURUSD 1.3688