The market continued to tank following yesterday's 3%-plus drop. Investors once again chose to ignore domestic economic news, which happened to be pretty good these days. The non-farm payrolls for April surged 290K, the largest increase in more than 4 years. The previous months' figures were also revised sharply higher. In short, the economy generated over half of a million jobs during the past 60 days, something unimaginable just a few weeks ago. Such good news would usually pop up the market at least 1% in normal time. However, these days are anything but normal. The Dow was off another 280 points at its worst before recovering about half of that towards the end. Volume was extremely heavy for the second session in a row. The VIX index surged another 25% and is now above 40. Gold and Treasuries are the only places for hiding with the former closed above $1200 for the first time this year. For the week, the market tumbled more than 6%, essentially erasing all gains for the year.

All 10 major sectors finished the session lower led by tech and industrials. The CRB commodity index dropped 0.6%. The US dollar was lower against most currencies. Treasury yields were higher. The three-month US LIBOR jumped 6 bps to 43 bps. The VIX index rose 8 points. The market breath was negative on both NYSE and Nasdaq. The volume was on the heavy side.

The market suffered its worst percentage loss in more than a year. But that was not enough to describe the dramatic run it experienced in the afternoon. At one point, the Dow was off 998.5 points. It moved all the way down nearly 800 points then all the way back 700 points for a total of 1500 points. All happened in just half an hour. Some blamed the wild run to an error trade executed by a major firm. Several blue chip companies saw their share prices swing in a way usually happening only to penny stocks. Shares of P&G, a Dow component, at one point dropped by more than 20 points before it recouped all losses within a minute. Volatily reached the highest level in more than a year. The VIX index was up more than 60% at its session high. We also saw wild movements in the currency markets. The euro/yen cross trade moved in a range of 800 bps, more than 10 times larger than what happened in the normal times. Trading volume was extremely high with more than 2.5 billion shares exchanged hands on the NYSE. Economic news was once again ignored. Weekly jobless claims came in at 444K.

For the next few days, I expect the market to continue to behave wildly following today's 1,000 - point movement. Currency market is a key to pay attention to as investors are obviously concerned about the Greek problem spreading into other EU countries. But for those with longer term horizon, the market chaos could mean good opportunity to load up good stocks at firesale prices. It is unlikely that the market will repeat what happened during late 2008. After all, the US and the global economy is in much better shape now.

All 10 major sectors finished the session lower led by financials and consumer discretionary. The CRB commodity index tumbled 1.9%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR advanced 1 bps to 37 bps. The VIX index rose 7 points. The market breath was negative on both NYSE and Nasdaq. The volume was on the heavy side.

The market continued to sell off following yesterday's big drop. Renewed concerns over the fiscal health of Greece and possible downgrades in other European countries sent the dollar to a fresh 14-month high against the euro. The dollar index is now up 8% for the year. The S&P 500 was down as much as 1.3% earlier but managed to recover towards the close. The VIX index surged another 15% before finishing the session higher by around 5%. Once again economic data were ignored in today's trading. The April ISM service index came in at 55.4, slightly below the 56.0 forecast. The ADP Employment Report for April showed a bigger-than-expected increase of 32K private jobs increase.

Most major sectors finished the session lower led by energy and industrials. The CRB commodity index tumbled 1.3%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR was unchanged at 36 bps. The VIX index rose more than 1 point. The market breath was negative on both NYSE and Nasdaq. The volume was on the heavy side.

The market registered its biggest loss for more than two months in today's trading. At close, all three major indexes were down at least 2%. The S&P 500 barely held above its 50-day moving average. The selloff was really triggered by pressure from the Europe. The euro fell below a key support level in early trading. Greece's Athex Composite fell 6.7% and Spain's IBEX fell 5.4%. The US dollar suddenly found itself to be safe haven as it registered the biggest percentage gain for the year. The VIX index, which is usually acting as a fear indicator, surged over 20% in today's trading. Investors paid little attention to today's economic news, which for most part came in better than expected. Factory orders for March increased 1.3% while consensus had been calling for a flat reading. Pending home sales also came in stronger than expected with a rise of 5.3%.

All 10 major sectors finished the session lower led by materials and industrials. The CRB commodity index tumbled 2.3%. The US dollar was higher against most currencies. Treasury yields were lower. The three-month US LIBOR advanced 1 bps to 36 bps. The VIX index rose almost 4 points. The market breath was negative on both NYSE and Nasdaq. The volume was much heavier compared to the previous session.

The market started the first session of the new week and month in a high note. By close, all three major indexes were up around 1.3%, regaining most of the loss from last Friday. Over the weekend, the EU and the IMF agreed to provide Greece with 110 billion euros in financial aid. The sum exceeds the 45 billion euros that had originally been proposed but some still fear the debt problem could spread to other countries such as Portugal and Spain. As a result, the euro actually closed lower against the dollar. Most economic news came in-line with expectations. The ISM Manufacturing Index for April was 60.4. Personal income and personal spending for March rose 0.3% and 0.6% respectively. Construction spending for March, on the other hand, showed a surprise increase of 0.2%.

All 10 major sectors finished the session higher led by consumer discretionary and industrials. The CRB commodity index rose 0.1%. The US dollar was higher against most currencies. Treasury yields were higher. The three-month US LIBOR was unchanged at 35 bps. The VIX index dropped almost 2 points. The market breath was positive on both NYSE and Nasdaq. The volume was lighter compared to the previous session.