VIX coiling... forming a Bat in a Bat nearing the apex of a falling wedge and the intersection of two major trend lines. Consider what happened the last time VIX formed a multi-year falling wedge like this -- and they weren't anywhere near as steep.
Financials will lead the way. They got us into this mess, and they'll get us right back...into a worse mess. Unless S&P comes out and upgrades half of the EZ, XLF is going down. This is as bearish a setup as I can imagine, with XLF perched in an unbelievably precarious position.