Well obviously very wrong about possible SPX 1400 and Dow 12600...

Well obviously very wrong about possible SPX 1400 and Dow 12600 overnight. Despite a lot of short term oversold signs I didnt expect Europe and US would hold as well as they did.

Despite it all though: AUD/USD back to first level of support on retrace back down, a (probably costly) failed upside break in US, short term oversold readings now reduced, a horrible last hour - particularly SPX dropping 1% to 1440 - and post close sharp dropoff in Futures means to me the Bears still won last night.

Tonight now surely looking more ominous and maybe the above numbers possible tonight.

Have a look at the huge tail on last night's daily VIX candle - http://stockcharts.com/charts/gallery.html?$vix.